My first loan from 18 – and sometimes earlier Anyone who is 18 years of age or older – is “ creditworthy ”. In other words, he can apply for his own loan from a bank or savings bank. However, there are sometimes exceptions: At least small loans, for example, also exist for minors – ie from the age of 14 – but only with the consent AND liability of the parents OR with a regular own income. However, banks have a special duty of care among young people. You have to check the loan request carefully or get the consent of your parents.
“Youth loans” – the exceptions without income
However, there are loans for young people without their own income . Namely, when the parents are ready to act as guarantors, for example, and thus absorb the bank’s risk of default. This means that a small condominium, moped or hi-fi system does not have to remain a dream for a minor.
Student or apprentice loans are also granted in this way. With your parents behind you, you can secure your future career at work. Banks are usually generous here, as they have a clear view of future potential savers and borrowers: “Bank loyalty or customer loyalty” is also called in German.
Another alternative for young people without a fixed monthly allowance is the credit from family or friends. Without a fixed private loan agreement with clear repayment modalities, however, this should not expire to prevent difficulties.
Loans for young people – you should know these no-go’s
- No credit for pure pleasure
- No credit without a realistic budget plan
- Never overdraw the account for a loan
- Always have a nest egg
- No credit from a dubious provider
Checklist for the first own loan
However, anyone who is of legal age, has a fixed monthly income and a permanent employment contract usually gets a loan from every bank. But you should prepare well before you take out your first loan. You have to pay attention to this:
- Draws up a precise financial plan with all income and expenses. So you can quickly see how much credit is in the month.
- Find out about all the peculiarities of a loan, ie which loan it is (eg consumer loan, real estate financing or car loan).
- Pay close attention to the effective interest rate, ie what the loan really costs you per month.
- Find out about the term, required collateral, your own credit rating and the possibility of a fixed loan interest.
- Study the bank’s loan agreement carefully before you sign it: all standard information, the repayment schedule, rules on special repayments, late payments, etc.
- If necessary, prepare yourself well for the loan discussion at your bank and make the most professional impression possible.
- And: Compare the individual loan offers beforehand, ideally with loan calculators on the Internet!