Young adults looking to make a large purchase or put a down payment on a home or vehicle might be exploring their options for how they can get a larger amount of cash quickly. Often, the best and quickest answer to this question is to simply apply for a loan through the bank, but as a young adult, you might be wondering if the bank will actually approve you or not.
|389 NJ-18, East Brunswick|
|NJ 08816, United States|
|Phone: +1 732-432-7171|
So, is it even possible to get a loan as a young adult? The quick answer is: It depends.
Applying For a Loan As a Young Person
First, you should keep in mind that is illegal for any lender to enter into a contract with someone who isn’t a legal adult, so you must be 18 years of age before you can even think about applying for loans. If you meet this criteria, you’ll have to consider some other factors to see if you will be approved for a loan.
The biggest issue with young adults getting loans is their lack of a credit score. At 18, most young adults will be a clean slate credit-wise, and are highly unlikely to have a credit history. Depending on your bank, you may need to enlist the help of a co-signer such as a parent or other trusted adult, but you should also remember to do everything you can to pay it back on time if you get a loan with a co-signer. This is because if you fail to pay back your loan on time, the credit score of your co-signer could also end up suffering.
It is difficult, but not impossible, for a young adult with no credit history to get a loan. The best way to find out your options is to simply consult a loan officer and see what they can do to help you.
If you have any further questions, don’t hesitate to ask someone at your bank. Banking and loan professionals like those at Columbia Bank East Brunswick are happy to help customers and answer questions to make sure you have all of the information you need.