Turning 18 comes with financial responsibilities. You may need a loan unless you are lucky to have your parents willing to bankroll your adventures.
However, getting a loan as a young adult is challenging. You may lack credit history, credit score, or have minimal credit record. It is difficult for you to get affordable rentals and credit cards.
If you are young and need a loan, Widelyfinance may help. 18+ earning individuals as permanent UK citizens may get low interest loans for young people with us. You may reduce interest costs by choosing an amount that lies within budget.
Alternatively, individuals with no credit history, credit score, or bank account may get one with a guarantor. The person could be a guardian/parent that guarantees the payments.
We may assist you with application filing, choosing budget-optimised amounts, and repayments to pay the dues.
| Product | Loans for young adults |
|---|---|
| Who is it ideal for? | Individuals with no credit score, no credit history or bank account |
| Who may apply? | Students, housewives, self-employed, employed, and tenants, and unemployed |
| Loan Type | Unsecured loan for short and medium needs |
| Application type | Online and paperless, limited documentation |
| Fund transfer | Same day within 30 minutes |
| Impact of credit check on credit score | No impact (at the time of application) |
Loans for young adults are unsecured personal loans for individuals with low credit or financial history. Individuals new to transactions and maintaining a minimum credit card balance can benefit from this.
The facility allows you to borrow a certain amount according to affordability. If you are earning at least £9000/ year, you may find yourself to qualify for such financial assistance. Once having funds in your bank account, you can now tap it to close cash needs like fixing car issues or closing examination fees.
With us, you can get these loans with competitive interest rates, suitable to everyone’s pocket. Besides, you should choose a small repayment term, which may reduce the impact of interest costs.
Every individual reaching 18 requires constant cash injection. It is especially true when you live away from family. You may receive financial assistance from your family. However, sometimes, you need extra money. Whether earning or non-earning, these time-savvy and good loans for young people may help. The following lists some common uses of young people loans:
Pay your credit card debts
18+ individuals use credit cards to buy groceries, update skills using a certification course, or use credit card rewards. Most individuals use it to purchase textbooks and educational materials online, like PDFs, etc.
Credit cards help one buy anything and pay later. However, paying the dues timely is important. You can settle it using young person loans.
Finance summer or educational camp fees
Summer or educational camps are critical for individuals’ growth. Individuals in their university years benefit from education fairs or camps from a career perspective. If the costs dishearten you, don’t worry. You may finance using the loans for 18+ individuals.
It helps you accomplish your dreams and nurture expertise without regrets. You must apply by providing accurate details. It improves the chances of a quick approval.
Close the minimal rental gap
Regular rent payments are crucial to ensure a strong bond with the landlord. Skipping payments may impact your position as a reliable tenant. Therefore, apply for the loan to get short-term cash. It saves you from further penalties.
Fix travelling expenses
Whether you want to repair the suitcase or book tickets online, the loan facility may help. Analyse a comfortable amount that meets your needs. Avoid applying for more than your requirements. It protects you from unnecessary interest costs.
Bridge money to used car finance deposit
You may consider a used car as a learner driver or money issues. Under this, you may benefit from used car finance. It helps you drive an old well-maintained car affordably. However, a deposit is a must. It is upfront money that you must provide to qualify for a loan agreement.
For example, if a car finance amount is £15000, providing £4000 as a deposit reduces the total amount to £11000. It also helps you get favourable terms. You can close the deposit need with loans for young adults hassle-free.
We utilise different and advanced tools to calculate affordability. However, credit history helps us know your past financial behaviour.
It includes aspects such as payment schedules, debts, employment history, transactions, etc. If you are new and want instant cash as a young adult, the following tips may help. These strategies improve your chance of getting the best loans for young people without a credit history:
Set up a bank account
Having a verified and relevant bank account creates reliability. Recently shifted or young adults must apply for a bank account according to preferences. Use the account to conduct personal transactions like loan payments, paying telephonic bills, utility bills, or rental payments. It helps you build a transaction history.
Choose a direct debit facility
Direct debits are beneficial for individuals at an early age of building a financial or credit history. With this, you can pay the monthly bills automatically without setting reminders. Individuals having a direct debit facility may help you get discounted interest rates.
Use a guarantor
A guarantor is an entity that may help you fetch quick loan approval with lowinterest rates. He could be a family member like- father, mother, sister, uncle, etc. It is ideal for individuals without income with poor or no credit history. We analyse the guarantor and the borrower’s profile to provide a loan. A guarantor steps in only if the borrower cannot pay.
You do not need a guarantor always. If you meet the affordability criteria and can pay without defaulting, you don’t need one. You can get a noguarantor loan for emergencies in that case.
Little or no credit record directly affects your credit score, interest rates on new credit or qualifying credits. Loans for 18-year-olds with no credit history may help you build a stellar and comprehensive credit profile. We provide a repayment route that helps you create a positive credit history. Here are some ways a loan for young adult benefits:
Take a loan for a long-term
Yes, you can borrow even a small amount for a longer duration with us. Individuals with basic income figures may benefit from a long tenure. It helps spread the loan costs and reduces the monthly instalment amount.
A long-term personal loan increases your credit history and makes it look dense. Choose a favourable amount for a term comfortable to you. Choosing a long term may help with competitive interest rates. Simultaneously, it increases the overall loan costs. However, our fixed interest rates grant you the opportunity to budget. Still, if you need help, contact us.
Additionally, we grant you the opportunity to pre-pay the loan before the actual tenure.
For example- If you took £4000 to repay within 10 months, pay within 7 months. It saves you interest costs and helps improve your credit history. The facility is only if the loan amount exceeds £3000. It drastically reduces monthly payments and interest costs and boosts credit scores.
Maintain regular payments
Taking out a loan for an extended term does not guarantee a credit boost. Making regular payments does. Apart from improving credit positively, it enriches credit history. Budget for or set direct debits for the loan repayments. Analyse your existing liabilities, budget, and emergencies. It helps you pay comfortably.
However, finances may change. Our financial flexibility options like halting payments, restructuring payments to meet current needs and paying part-interest fees help. The last option is for individuals with severe financial crises like unemployment. It is for borrowers who took a loan without a guarantor.
Diversify your credit mix
Though young person loans contribute greatly to credit development, consider other credits. Having a mix of different credits, like debt consolidation loans, credit card debts, and payday loans, may improve your credit history. You must use a single account to take these credits. Additionally, take credits only if you can repay the dues timely.
Yes, budding entrepreneurs, self-employed, or small business aspirants may use young person loans. Starting a business at a tender age requires consistent capital. You may need it for renting a space, equipment, hiring, or pitching the idea. Individuals lacking credit history or scores may only qualify for a limited amount.
Whatever, your needs, we may help you with smooth loans without detailed documentation. Additionally, our small business loans for young people especially help individuals with low credit history for instant finance. Get a loan today if you hold a realistic business plan, project count, or existing client set. Here are easy aspects that may help you get the loan:
A well-explained business plan
A business plan holds the key to the short and long-term business goals. If you wish to start a business but lack funds, the loans may help. You may qualify by presenting a well-detailed and realistic business plan. We align the loan purpose with the business goals for approval. If your loan requirements seem realistic for the purpose, we approve.
Previous potential sales
If your business reveals statistics that reveal consistent sales since the operation year, you may qualify. It reveals your business’s strength to deal with complexities and crises.
A new big-ticket-size project
We may help you with quick cash if you have a whopping project with the best. Additionally, previous client testimonials and responses may help. Reveal the confirmation with an agreement or other proof. It acts as a repayment proof.
Our well-educated young person loans help individuals start their financial lives smoothly. You only get what you can comfortably afford. It implies you get just the right assistance as a first-time applicant. You can ask about any terms and repayments before signing off the loan.
Alternatively, if you stumble because of a financial fall, don’t worry. We extend a helping hand and protect your credit score from falling. Set up a 1:1 meeting the next day to suggest a personalised solution. It also limits the default scope.
We understand that building credit history matters to you a lot. Therefore, we suggest solutions like paying some, if not full, payment to stabilise the credit history. Additionally, our transparent cost structure eliminates surprises.
Yes, individuals may tap young people loans with bad (561-720) and very poor credit scores (below 561). It is because such loans prioritise an individual’s income over credit score to qualify. If you earn above £800/month, you may be eligible.
You may get £1000-£10000 for 12-60 months on loans for 18+ individuals. Identify the amount by analysing your requirements. Keep it minimal just to meet the needs. If you struggle, we may help you calculate the exact amount you qualify for. For this, we consider different parameters like income, employment history, application details, etc.
You do not need a guarantor always. If your income, employment history and other parameters do not meet the criteria, you may need one. A guarantor may help you get instant approval with better interest rates and affordable terms. He also helps meet repayments if you cannot pay.
However, individuals with personal bank accounts, steady income and a low debt-to-income ratio may get loans without a guarantor. It eliminates third-party security and helps you grow individually.
A responsible direct lender cannot provide a loan without a basic credit check. However, we conduct a soft credit check to analyse affordability. It does not affect your credit score. However, ensure regular payment on the loan to avoid a negative impact on credit ratings.
Yes, 18+ individuals may get a loan despite a bad credit history. You qualify if your application form details align with the authentic proof. Therefore, keep proof like personal ID, salary slip/tax assessment/ part-time income ready to get a quick loan.