Several banks and credit unions offer first loan programs for persons under the age of 18. Obtaining a loan under the age of 18 is more challenging due to the lack of credit history, but it is not impossible.Know More
If the borrower is under the age of 18, any loan obtained is likely to require a co-signer or guarantor. The person who co-signs the loan is responsible for repayment if the borrower cannot, and co-signer's creditworthiness is the most important factor in obtaining the loan.
If the loan is for school-related purposes, start by consulting the financial aid office of the school you are attending or looking to attend. Financial aid programs for education are available to students, regardless of age, and their parents or guardians.Learn more in Personal Loans
Payday loans are small, short-term loans, typically of $500 or less, that mature or require payment on the borrower’s next payday. Prospective borrowers apply for payday loans either in person at a check-cashing center, online through a direct-lender’s site or via a loan-matching service. Common features associated with these loans include exorbitant interest rates or financing fees, small principals and two-week maturity dates.Full Answer >
With a title loan, a borrower gives a lender the title to his vehicle in exchange for a small amount of money for a short period of time. Title loans are often some of the most-expensive loan options, because of the additional fees and high interest rates.Full Answer >
A direct-lender installment loan is one where repayment is required in a predetermined number of equal payments, and the borrower and lender deal together directly rather than through a third party, such as a mortgage broker. Mortgages that are not issued through a third party are examples of direct-lender installment loans. There is no middle-man, and equal payments are typically required on a monthly basis for 30 years.Full Answer >
According to Business Insider, the best ways to pay of students loans quickly include understanding the repayment guidelines, making financial sacrifices, making more than the minimum monthly payments and making payments as often as possible. Individuals should make payments more than once a month and account for every penny spent.Full Answer >