Can under 18-19-20 olds get personal loans in the UK?
In the UK, individuals under the age of 18 generally cannot take out personal loans. Most lenders require borrowers to be at least 18 years old. This is because contracts entered into by minors are not legally binding in the same way as those entered into by adults.
Personal loans are legally binding contracts, and lenders need to ensure that the borrower can enter into a contract and be held responsible for repayment. Lenders typically require a credit history and stable income, which are not usually available to individuals under 18. The age requirement also ensures that borrowers have the maturity and financial responsibility to manage a loan.
Some banks offer savings accounts for those under 18, which can be a good way to start building a financial history and learn money management. Parents or guardians might consider taking out a loan on behalf of a younger person, though this would involve the adult assuming full responsibility for the loan.
In some cases, an adult might co-sign for a loan, but this is rare and usually not applicable to personal loans for individuals under 18. If you're looking for funding for education, student loans are available for individuals over 16 who are in higher education. These loans are managed by the Student Loans Company and have different criteria compared to personal loans.
Look for grants, scholarships, or bursaries for educational expenses. These do not require repayment and can be a good source of funding. Consider part-time work or internships to earn money and gain financial experience. Many young people work part-time jobs to save money for future needs.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 5,000 | 9.10% | 246 |
| 5,000 | 10.10% | 274 |
| 5,000 | 11.10% | 301 |
| 10,000 | 11.20% | 607 |
| 10,000 | 12.20% | 661 |
| 10,000 | 13.20% | 715 |
| 20,000 | 13.30% | 1,441 |
| 20,000 | 14.30% | 1,549 |
| 20,000 | 15.30% | 1,658 |
| 25,000 | 15.70% | 2,126 |
| 25,000 | 16.40% | 2,221 |
| 25,000 | 17.10% | 2,316 |
See the similar FAQ about UK banks:
- Bank of Ireland lending criteria
- HSBC bank transfer time within the UK
- HSBC graduate loans
- HSBC in America
- HSBC loan early repayment: how to manage
Details of companies offering the financial services:
118118MONEY
Head office’s address: London
Contact center: 02920-548-118
Web-site: https://www.118118money.com/
Lendable
Head office’s address: Telephone House, 69-77 Paul St, London EC2A 4NW
Contact center: 020-3322-1948
Web-site: https://www.lendable.co.uk/
Monzo Bank
Head office’s address: Broadwalk House, 5 Appold St, London EC2A 2AG
Contact center: 0800 802 1281
Phone: +44 20 3872-0620
Web-site: https://monzo.com/
NatWest Bank
Head office’s address: 250 Bishopsgate, London, EC2M 4AA
Contact center: 0800-88-11-77
Phone: +44 345 788 8444
Web-site: https://www.natwest.com/
Swift code: NWBKGB2
Reference number: 121878
Stock code: GBP1
ABN: 00929027
BSB: NWBK
Payday UK
Head office’s address: Payday Loans Limited, The Charter Building, Charter Place
Contact center: 0800-302-9409
Web-site: https://www.paydayuk.co.uk/
Simple Personal Loans
Head office’s address: London
Web-site: https://www.simplepersonalloans.co.uk/
Zopa
Head office’s address: London
Web-site: https://www.zopa.com/