There is a state support program that allows you to take out a targeted loan for paid education from the age of 14. However, you do not receive the money in hand: it is transferred to the university or other educational institution.
This program does not require a certificate of income, and payments on the principal are deferred. During the entire period of study and nine months after receiving the diploma, only a small amount of interest must be paid. The rate is 3% per annum.
To take such a loan, a minor must present written permission from at least one of the parents or legal representatives. In this case, the parent must come to the bank with his/her passport.
The disadvantage of the state program is that the borrower will repay the debt even if he/she does not complete his/her education. This will create difficulties if he/she wants to change the university and the direction of study.
Some credit institutions issue mortgages to clients who have shandong mobile number database just reached adulthood. However, young borrowers are extremely rarely approved. This is due to the fact that entry-level workers have low salaries and little work experience.
In this regard, many banks are moving the lower age limit for mortgages to 21 or even 25. To increase your chances of approval, you should gain credit experience by the time you apply. Take out a small loan (for example, buy a phone in installments), make payments according to the schedule, do not allow late payments, and do not use early repayment.
A positive factor in a mortgage will be experience using a credit card. Actively pay with the card in stores and do not go beyond the grace period. This will demonstrate to the bank your financial literacy and ability to plan a budget. But before applying for a mortgage, it is better to close the credit card so that there are no unnecessary expense items.
At what age can you apply for a credit card?
It is believed that young borrowers are more likely to receive credit cards than consumer loans. Indeed, a card with a small limit is a small risk for the bank, but in the long run it will have a reliable credit client.
You can try to apply for a credit card as soon as you reach adulthood. Experience using a debit card will be a plus. But you will need to confirm your income and employment in any case.
How to confirm income for a young borrower
If you are taking out a loan for the first time and at a young age, you will be asked for a certificate of income. For the bank, this is the only way to confirm your solvency, because there are no records in the credit history.