When you turn 18, you can do most things in this country. It is probably the most buying of alcohol at Systembolaget and to get into some taverns that do not work. In fact, when it comes to borrowing money, there may also be obstacles to some lenders.
There has been a lot of talk in the media since the micro loans came out on the market that it is a debt trap mainly for young people. Now this is not true, as it is both older and younger who have ended up with Kronofogden due to micro loans that have not been repaid.
This is probably largely behind the fact that quite a few lenders are actually dealing with this type of loan, which requires borrowers to be a little older. This is often the case if a person who wants to borrow some money should be at least 20 years old. This is whatever the person’s finances look like.
If you are 18 years old and want to borrow money through a micro-loan, then there should be no major problems as there are still alternatives. The downside is that you cannot compare rates from all lenders. Here on the site, we usually include age in our comparisons so that it will be easy for you to find what applies. If you visit, for example, our large comparison of micro-loans, you will find a button that can be used that allows all lenders to offer loans to people of 18.
If you then move on to the usually slightly larger private loans then it will actually be a little better for you who are 18 years old. All major banks do not really set any age requirements except for a borrower to be of legal age. Then the banks usually have a little tougher requirements when they do their credit check but you only have a good finances and thus can manage this, there should be no problems.
In addition to the banks, there are a number of other lending institutions on the market that lend out slightly smaller sums or full-size private loans. What one can say about these other actors is that this is becoming quite common with rules that say that a borrower must be at least 20 years old to be able to borrow.
So if you have a good finances, which we hope you have if a loan is planned, it should not be a problem to find a lender who can think of lending money even if you have recently become a mortgage.
Mortgages and car loans
While these are the biggest loans you will probably get at some point in life, there are no major problems here with age. Since this is a loan with collateral, it becomes safer for the lender to lend money.
They will therefore only look at your finances to determine if you can handle the repayments not how old you are. Then the requirements are very different depending on the cost of what is purchased. If it is, for example, a house for 3 million, the requirements for income are obviously higher than if a house for USD 500,000 is purchased.