Compare loans for 18 year olds with or without a cosigner | finder.com

Compare loans for 18-year-olds

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A guide to getting a personal loan if you’ve just entered adulthood.

Getting a loan as an 18-year-old is often more difficult than simply applying and being approved. You probably have little to no credit history, little savings and might not have a high-enough income to meet many lender’s eligibility requirements. So what are your options if you’re an 18-year-old who needs a loan? Read our guide to find out.

Credible Personal Loans

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  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $100,000
  • Loan Terms: 2 to 7 years
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  • Must have good to excellent credit

    I’m 18 and I need a loan. What are my options?

    While your options might be more limited than more experienced borrowers, you might be able to qualify for one of the following options:

    Lenders that might accept 18-year-old applicants

    Rates last updated December 15th, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

    Select your credit score range

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    550
    $100,000
    3.84% to 35.99% (fixed)
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    $100,000
    4.99% to 36% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    6.95% to 35.89% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit.
    550
    $100,000
    3.34% to 35.99% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    550
    $10,000
    34% to 155% (Varies by state) (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    680
    $100,000
    7.24% to 15.24% (fixed)
    Marcus by Goldman Sachs Personal Loans
    Consolidate your debt or pay off large expenses with competitive rates and no fees.
    Good to excellent credit
    $40,000
    6.99% to 24.99% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    Varies
    $30,000
    16.05%–35.99%* (fixed)
    Avant
    Conveniently check your loan options without affecting your credit score.
    580
    $35,000
    9.95% to 35.99% (fixed)

    Compare up to 4 providers

    How can I find a competitive loan?

    Follow these steps to up your chances of getting approved:

    Step 1: Get a copy of your credit report

    Chances are you don’t know what your credit score is, let alone your credit history. Having an idea of what your credit history looks like will help you determine which lenders you qualify to borrow from. Getting an estimation of your credit score can help.

    Not sure what good credit looks like? Check our guide

    Step 2: Review your work history

    Most reputable lenders tend to be wary of lending to people who don’t have a source of income. Even having a small part-time job can help you get approved for a loan since it shows that you’re generating at least some income. Look for jobs you’ve had in the past or currently hold that can boost your application.

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    Step 3: Look for a cosigner

    You don’t necessarily need a cosigner to borrow at 18, but it could help you borrow higher amounts at more competitive rates than if you applied alone. Reach out to family members and friends that have a stronger credit history than you to find out if they’d be willing to help you out. This will help you narrow down your choices: Not all lenders allow cosigners on personal loans.

    Find a lender that allows cosigners on personal loans

    Step 4: Compare lenders

    It’s generally a good idea to compare lenders if you want to find the most competitive loan. It’s almost essential for you:Finding a lender that either accepts cosigners or is willing to lend to someone with little-to-no credit history can be difficult.

    Compare the following features to find the most competitive loan you can qualify for:

    • Interest. Check whether the interest rate is fixed or variable and how competitive it is compared to other similar products.
    • Loan amounts. Lenders offer varying minimum and maximum loan amounts, but what you’re offered ultimately depends on what you can afford to repay. This is determined by the criteria set by the lender.
    • Fees. There are different types of fees you can be charged, ranging from establishment fees to monthly fees and early repayment fees. Find out what fees are associated with your loan before signing on the dotted line.
    • Other features. Have a look at the different features of the offer, which you can find more about by reading loan reviews here on finder.com. These can include the ability to make extra repayments, an offset facility or extended warranty on a car loan.

    Step 5: Get preapproved

    Many lenders allow you to apply for preapproval — also known as prequalification — by filling out a simple application. It’ll let you know if you qualify and often give you an estimate of the APR, loan amount and loan term you can expect without doing a hard credit check.

    Hard credit checks, also known as hard credit pulls or inquiries, can make your credit score take a temporary dive and will make it more difficult to qualify for another loan.

    Step 6: Apply

    Be sure to be accurate when you’re filling out your application — one of the top reasons people get rejected for loans is mistakes in the application. Re-read it a couple of times to make sure there are no inconsistencies.

    If you’re accepted, it’s also important to read the terms and conditions of your loan before you sign your loan documents. If you’re having trouble understanding it, reach out to your lender or ask a friend or family member for help.

    Tips for getting a loan at 18

    • Show that you have savings.
      If you can show the lender you’re good at saving, the lender may be more willing to approve you. A steady savings history will work best with your current bank as they can view your account information when you apply.
    • Offer a deposit.
      Having a deposit when you apply for a car loan shows you’re in a good financial position. The larger the deposit, the less you need to borrow, and the more likely an approval may be.
    • Get a letter from your employer.
      If you’re only employed casually or have not been employed for long, a letter from your employer stating the security of your employment may help your application.
    • Apply for a lower amount.
      Applying for too much when you have little credit history or don’t earn a high income can be a red flag to lenders and result in an automatic rejection, instead of an offer for a lower amount.
    • Apply for a secured loan.
      Secured loans, such as car loans, are less risky for banks because they will be able to recoup their losses.

    Getting a loan with no credit

    If you’re 18, chances are you don’t have a credit history — you weren’t old enough to build a credit score until this year. In most cases, no-credit borrowers need to bring on a cosigner to help you meet basic credit requirements.

    Don’t have a cosigner? Some lenders offer loans designed for students that consider factors like your college GPA and earning potential rather than your credit score. And if you’re in school, you can also use part of your student loans to cover living and personal expenses after you’ve paid your school’s tuition and fees.

    Benefits and drawbacks to getting a loan at 18

    Pros

    • Access to funds. By getting a loan you’ll have access to funds you need to pay for the essentials you need.
    • Build up your credit history. Acquiring a loan allows you to establish and build your credit history. This ultimately affects your eligibility for other types of loans and access to better interest rates in the future as well.

    Cons

    • Limited loan amounts. If you have no credit history or limited credit history, you may only be eligible for a small loan, which may not be enough for what you need.
    • Potentially high rates. You probably won’t be eligible for a loan with low rates and favorable terms until you have a strong credit and employment history.
    • Risk of getting into debt. Taking on any loan comes with risk, so make sure to budget your repayments and don’t apply for a higher loan amount than you can afford to repay.

    Frequently asked questions about loans for 18-year-olds

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    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

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    18 Responses

    1. Default Gravatar
      MeghaNovember 21, 2018

      I am 19 years old. I am working and I am getting $12,000 per month. I want loan how to apply?

      • finder Customer Care
        JhezelynNovember 22, 2018Staff

        Hi Megha,

        Thank you for your comment.

        Please note that most of the lenders would require 18 years old and above applicant with a stable source of income. Not only that, but there are also other factors that a lender will assess before considering you for a loan. As long as you meet the eligibility criteria and the requirements, then you may be approved for a loan.

        You may compare cash loans offers on this page. Please click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

        Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

        Regards,
        Jhezelyn

    2. Default Gravatar
      KyOctober 1, 2018

      I am 18 and I have been working a full-time job for 8 months. I make $470-$600 a week depending on overtime. I have had a credit card for just over a month now and have it paid off. I am looking to get a loan for a snowmobile. I have 22% to put down on the loan but since I show very little credit, I feel like it’s impossible to even get a loan. It is so hard for prospering 18 year olds to do anything these days because of the reputation not so prosperous 18 year olds have left. I feel as if I’m being punished for working a full time job and getting approved for a credit.card. I am curious if there is anyway for me to get approved for a loan without a cosigner?

      • finder Customer Care
        JeniOctober 4, 2018Staff

        Hi Ky,

        Thank you for getting in touch with finder.

        Yes, you still have the chance of getting approved even without a cosigner however the loan amount may not be as much as loan application with a cosigner. Since you have worked full-time for 8 months, it is best that you inquire with the bank where you’re receiving your salary from if you can apply for a loan without a cosigner on a certain amount that you need to buy a snowmobile. Please note that banks/lenders don’t only look at the credit history of the applicant but also the capability to repay the loan.

        I hope this helps.

        Please feel free to reach out to us if you have any other enquiries.

        Thank you and have a wonderful day!

        Cheers,
        Jeni

    3. Default Gravatar
      CarltonSeptember 25, 2018

      I’m 18 years old and I’m trying to get a 2011 BMW 535i that cost $11.350 and I’m in sun cost. My problem is that I don’t have a working history so is my interest rate going to be really high or waht

      • finder Customer Care
        JoshuaSeptember 26, 2018Staff

        Hi Carlton,

        Thanks for getting in touch with finder. I hope all is well with you. :)

        While it is possible for you to obtain a car loan even if you’re 18 years old, it would be difficult to get approved. Generally, car loan lenders qualify borrowers using their credit history and score. Since your 18 years old and still starting to build your credit, you may have trouble meeting their requirements. For this reason, you might not get approved or you may get approved but the interest rate may be higher than average.

        As a tip, you need to show the lender that you have savings in the bank. You also need to show that you have a stable income and have the ability to make the repayments. Be ready with your down payment as well. Finally, if all else fail, you may consider getting a cosigner.

        I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

        Have a wonderful day!

        Cheers,
        Joshua

    4. Default Gravatar
      NeilcafferySeptember 11, 2018

      I’m an 18 year old with $50000 I have a job making $1300 a month after taxes. I’m looking to buy a small business that already has established cash flow I will quit my job to run the company I need a $200000 loan to buy the business can I get approved?
      Thanks

      • finder Customer Care
        CharisseSeptember 12, 2018Staff

        Hi Neilcaffery,

        Thanks for reaching out to finder.

        You have accessed the right page where you can review and compare lenders which accept loan applicants your age. The possibility of you getting approved for a loan with these lenders greatly depends on you being able to satisfy and meet these lenders eligibility criteria and requirements.

        Most lenders featured on this page have a specific credit score requirement that you should meet so you can qualify for a loan application. They will also look at your financial status like your employment details and other source of income. As long as you meet all these qualifications and eligibility requirements, you have a high chance of getting approved for a loan.

        If you haven’t checked your credit score yet, you can go to this page to see a list of credit bureaus where you can get your credit score and report.

        I hope this helps.

        Cheers,
        Charisse

    5. Default Gravatar
      PavarOctober 18, 2017

      Hi Sir, my name is Pavar. My loan requirements is $ 50,000. I want loan for my some personal needs. I’m a salaried person. My salary is $ 13,000 per month and comes as cash. Am I eligible for a personal loan?

      • Default Gravatar
        JonathanOctober 19, 2017

        Hi Pavar,

        Thank you for your inquiry.

        You can check our list of personal loan offers on this page. You can customize the selection by choosing your credit score range and state of residence.

        It is worth reminding that more than your income, each lender has their own credit guidelines in assessing your loan. You may click “Go to Site” green button to proceed with your application of your chosen provider.

        Hope this helps.

        Cheers,
        Jonathan

    6. Default Gravatar
      SethOctober 18, 2017

      I am currently 16 years old. I have a part time job making about 1 grand a month. I do have a insurance payment and I gas money as a bill. I have about 2200 dollars in savings. And I’m on course to be around 10k by 18. My friend is getting a job at the same employer. He by 18 will have around 7k. We want to purchase a home for around 130k. Do you think someone will fund the payments. If we can get the 1st time home buyer put down at 3.5 percent. We should have enough money to have in savings and be able to afford the morgage very easily. What do you think?

      • finder Customer Care
        MariaOctober 19, 2017Staff

        Hi Seth,

        Thank you for providing a detailed explanation of your situation at present.

        As finder is a financial comparison website providing general information, we are not permitted to provide our users with personalised financial advice.

        Please note that the approval of your application would depend on the lender’s assessment of your financial situation and ability to make loan repayments.

        It would be best to reach out to them directly to see what they can offer you for your case.

        Best,
        Maria

    7. Default Gravatar
      JustinSeptember 7, 2017

      Excuse me i really just turned 18 will be going on a towboat soon and need a loan for a car and have no credit score what should i do and what will be best to do about getting one and dont have no cosigner

      • finder Customer Care
        MariaSeptember 8, 2017Staff

        Hey Justin,

        Thank you for reaching out to us.

        If you have a phone bill or utility bill then it’s possible your credit history has started.

        You may opt to check your credit score on this page for free.

        If none, it would be best to start building your credit history or to get a guarantor for your loan application.

        As finder is an online comparison service and is not a product issuer, it would be best to get in touch with a lender featured on our pages to discuss your eligibility or options.

        Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

        I hope this helps.

        Best,
        Maria

    8. Default Gravatar
      JacobAugust 11, 2017

      Hi my name is Jacob I need a loan I’m 18 years old and need it for a car

      • finder Customer Care
        AshAugust 11, 2017Staff

        Hi Jacob,

        Thank you for reaching out to us.

        You are actually on the correct page as the above has a comparison of the available lender that accepts 18-year-old borrowers. Kindly review first the details of the loan before you click on the green ‘Go to site’ button or you may click on the hyperlinked ‘More’ to know more about the lender and what can they offer you.

        Also, you may check this page for the available car loans that you may consider.

        I hope this information helps.

        Let us know if there is anything else that we may assist you with.

        Cheers,
        Ash

    9. Default Gravatar
      SarahJune 6, 2017

      I do not have any credit, this is me trying to start and get my life together. No credit history at all.

      • finder Customer Care
        AnndyJune 17, 2017Staff

        Hi Sarah,

        Thanks for your comment.

        You may compare no credit check payday loans on this page.
        Kindly review the eligibility criteria and the relevant terms and conditions of the loan before submitting your application.

        Cheers,
        Anndy

    US Personal Loans Offers

    Important Information*
    Credible Personal Loans

    Get personalized rates in minutes and then choose a loan offer from several top online lenders.

    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    No fees. Multiple member perks such as community events and career coaching.

    Go to site