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What Is The Legal Age For Low Credit Installment Loans Online

12
Apr

Have you consider borrowing 1500 installment loans online but are wondering what is the legal age to get approved? Many young people in need of financing are often confused with the lending criteria for nonbank loans because they tend to liken it to credit cards whereby one has to be at least 21 years of age to be able to own a card independently.

bad credit installment loans The legal age for installment payday loans is 18 in most states in the US. However, it should be pointed out that there are other qualifying requirements to be satisfied before one is to be eligible for quick funding by the lenders.

Unlike conventional consumer loans offered by banks and high street financial institutions, having bad or no credit history may not prevent you from getting approved. The main criteria that needs to be met is that you need to provide employment proof and that you are earning a monthly salary that is enough for accredited installment lenders to judge that you are capable of repaying their money.

You can compare monthly installment lenders online and see this for yourself. Most of the bigger names in the industry tend to set this requirement at 1000 dollars, so if you are earning anything less than that, you may not be able to qualify.

Having said that, you can still try for one as it is known that private lenders do exercise discretion in regards to the people they extend credit to. To mitigate the lending risk presented by giving unsecured installment loans for people with low income, the financing companies may increase the interest rate you have to pay for short term loans with monthly payments online.

Ultimately, it’s down to how well you can present your ability to meet the repayments but one thing is non-negotiable, and that is the legal age for online installment loans.


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