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Getting a loan when you’re relatively young can be tough. Most lenders in the UK have set their basic loan eligibility requirements for borrowers to be at least 18 years old. However, getting approved for a loan when you’re 18 can be quite difficult. Not only are you going to be regarded as quite young, but there is a very good chance that you might not have the necessary credit history as well- something that you need if you are to secure loan approval.
Get Approved for A Loan at 18
Credit scores are crucial for loan application because it is what lenders use to gauge how trustworthy a borrower you are. If your credit history is empty, however, because you have never had any borrowing experience before, it becomes harder for lenders to assess what kind of a borrower you’re going to be. This is why you’ll have to look for specialist lenders who would be happy to assist younger borrowers.
No Hard Credit Checks
Find a lender that will consider you to be more than just a credit score. Look for lenders that will only do a soft check too, not a hard inquiry as this can have an adverse effect on your credit score.
Approval Based on Income
To get approved for a loan when you are 18 years old, it would be best to look for lenders that will consider your income instead of your credit history. Specialist lenders are often those that will gauge the capability of a borrower to repay a loan instead of whether they have a good score or not. This means that as long as you have a steady income or you are regularly employed, convincing these lenders to approve your loan request is possible.
Higher Interest Rate
Be prepared to cover higher borrowing costs though. You’re considered a risky borrower with no credit history behind you. Naturally, lenders will want to mitigate this by subjecting you to higher interest rates if they do decide to let you borrow money.
Some borrowers may not know this but they can refinance the unsecured loan they have. However, only qualified borrowers can receive additional cash and a chance to lower their APR. Here are some things you need to know about borrowing cash on an existing loan.
Refinancing Your Personal Loan
Did you know that you can save money by refinancing your debt? When you’re eligible to borrow cash from your existing credit, you can do this by refinancing the high-interest personal loan into a lower-interest personal advance. It may also help you reduce the amount of your monthly repayment plus, save cash. However, before you do this, you should understand its pros and cons first. You should also understand the steps involved when refinancing debt to get a lower interest rate.
Benefits Of Refinancing A Loan
The Chance To Get A Lower Interest Rate
When you refinance your loan, you can get a cheaper interest compared to the rate you’re paying on your existing loan, thus can help you save money. However, you may only be eligible for this if your credit rating has improved since you first opened your current account.
Reducing The Number Of Payments
With refinancing, you can turn a longer repayment period into a shorter one. This might mean paying more than what you are repaying now; however, this can help you get rid of your credit faster.
Lowering Your Monthly Repayments
If you’re having a hard time repaying the loan with a term of 30 months, you can refinance your debt and extend it into 40 months. This can help reduce your monthly payments; however, this means paying for more interest, which is one disadvantage of refinancing your debt.
Borrowing money from your existing account has various advantages; however, it also has a few drawbacks such as additional interest and fees and a longer repayment term.