Age and obtaining a Bank loan – options of bypass and alternatives
Loans to women and age limit
One of the limitations that is closely related to obtaining a loan is the age limit. Unfortunately, there is no way around it - if eighteen is not yet fulfilled, then it remains only to wait. What explains this, the lowest age value for a potential borrower?
Age and credit history
- Eighteen years Mature age
- Eighteen years is for the first time received the right to go on a full-time job
- Eighteen years is the satisfaction of the main demands of the Bank, namely officially confirm income and employment.
But eighteen years – no reason to rush to the Bank for a loan . After all, the second condition of the bank, after the age limit - is an experience of at least three months at the last place of work (and preferably more than six months). Accordingly, from the day when eighteen turned to the happy moment, when you can get a consumer loan, it should take three to six months.
Max Planck age restrictions
- The man should not be more than 60 years
- The woman should not be more than 55 years.
Ittime their retirement . Given the discussion in the government of the issue of raising the retirement age, some banks considered it possible to increase both bars for five years.
A loan for young people
For the borrower, even in the age limits established by the bank, the age is still significant. Banks are reluctant to provide consumer loans (especially when it comes to large amounts) to young people with no:
- High wages
- Of the required experience.
More often banks are interested in creditworthy borrowers from 25 to 40 years old . Young people, due to their age and irresponsibility, are not always cautious about the timing and the repayments on loans themselves.
Age limit and obstacles for credit
Despite the fact that many banks lower age limit was lowered to eighteen years, most financial institutions it is at least twenty-one years. Though in fact, consumer lending is done by banks to individuals who crossed the twenty-five year milestone. What is the reason?
- The borrower already has seniority
- The borrower has cash savings to cover the down payment
- The borrower is able to pay the costs of the loan.
A lot of problems when drawing up a loan is caused by the upper age limit (from 55 to 65 years). The barrier, which the borrower can not exactly overcome in order to obtain, for example, a mortgage loan - this is approaching the retirement age. As practice shows, it is almost impossible for a person over fifty-five to receive a loan.
Options bypass age restriction when obtaining a loan
How to bypass age restriction in the maximum age bar?
- The involvement of additional guarantors or co-borrowers to increase the total comprehensive income (desired loan amount)
- Choice loan programs with a higher maximum age bar. In this case, other loan conditions are not so attractive (mandatory presence registration and citizenship, high interest rate, inability to participate in the transaction of minor children, etc.)
- Select another object for sale less estimated cost.
The bypass age restrictions with a minimum age bracket:
- Banks rarely give out loans to borrowers under the age of twenty years. The main reason is the lack of a steady income, who can afford to undertake the required loan obligations. What can I do?
- To attract help for the loan guarantors (co-borrower) on the loan (their average monthly income, and age must match the requirements of the Bank)
- To appeal to parents with a request to assume the loan obligation
- To contact the financing institution.
Is it possible to take a loan under the age of 21 years?
Some banks on very stringent conditions for the borrower can provide credit to a person under twenty-one years. In this case, the required conditions for the borrower and for the successful processing of the loan will be:
- Permanent registration in the region where you plan to take a loan
- The presence of Russian citizenship
- Having a stable income
- Official employment
- Scholarship (subject of study), confirmed by a certificate of the amount
- The presence of guarantors (in most cases)
- Female gender of the borrower (the young men banks rarely make loans on the basis of military duty).
The maximum amount of credit to the borrower under 21 year
The biggest amount for a borrower is thirty thousand rubles, under the conditions when:
- The borrower at least 21 years
- The borrower does not provide collateral
- The borrower has guarantors
- The credit period cannot exceed twenty-four months, and interest rates will be maximized.
The increase in the credit limit for the borrower under the age of 21 may under the following conditions:
- Invitation as guarantors (co-borrowers) parents or relatives
- Providing the necessary collateral (car, house, securities)
- If these requirements are met, the Bank may increase the size of the loan, decrease the interest rate, and extend loan terms.
Options in cases of failure of banks in loans to individuals, under 21 year
- The appeal to microfinance institutions
- Treatment in Lombard
- Recourse to the parents, relatives or friends
- Appeal to the employer
- Contacting the seller with a request for a deferred payment (in the case of, for example, the purchase of the car).
If you liked our article and you have any thoughts about this, share it with us! It is very important for us to know your opinion!