Is there an age that you have to be to be eligable for a loan
from the bank?
Is there a certain amount that you are aloud or is it based apon how much you earn ect.??
Thanks
2007-07-09 04:02:11 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Usually you have to be 18 years of age to borrow money from any financial institution.
The amount they lend is based upon a number of factors including your income, credit history, if you have collateral, etc.
2007-07-09 04:06:23 · answer #1 · answered by I ♥ old VW's 4 · 1⤊ 0⤋
18
2007-07-09 04:04:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Generally you have to be 18 to apply for a loan. Some banks will let you apply at younger age if you have a guarantor.
The amount they will lend you depends on your income and expenditure. Different banks have different lending criteria. Things such as time with your employer, amount of times you have applied for credit previously and stable residency may come into it. Most banks you also need to pass a credit check and have no defaults on your credit file.
It is normally a stronger loan with your own bank, as they already have some history on you, and secured loans, where you have, for example a car for security are stronger applications again as the bank has something to fall back on if you default on your repayments!
2007-07-09 17:25:48 · answer #3 · answered by F 3 · 0⤊ 0⤋
In the US, you must be 18 to be bound by a contract. No bank will loan money without a binding contract to repay the loan. The amount they will give depends on you ability to repay. I larger your income, the more they are willing to loan. If the loan is secured by an asset (a car or home for example), the value of the asset is also considered.
2007-07-09 05:40:57 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
Is not so much how old you are but how long have you worked at any giving place and also your credit history. I have gotten two personal bank loans upt $20K and it is because my credit is impecable and I have been in the same workplace for a number of years.
2007-07-09 04:05:34 · answer #5 · answered by Pinolera 6 · 0⤊ 1⤋
You must study each supply you yourself. To take a loan is something that depends more on your financial situation to future, that and another thing
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2007-07-09 04:22:01 · answer #6 · answered by Anonymous · 0⤊ 1⤋
18....
2007-07-09 04:32:27 · answer #7 · answered by Mustbe 6 · 0⤊ 0⤋