The answer to the question, “Can you get a loan in Canada?”, is obvious. According to one study, almost 75% of people have taken out loans in Canada at some point.
But, can you get a loan at 18? That’s a question you might not immediately know the answer to after hearing it.
Conventional wisdom might tell you that 18 would be too young to take out online loans, installment loans, and other fast loans through lenders like 24cash. Many 18-year-olds don’t have established careers yet, so even $500 loans might be difficult for them to pay back.
But when you visit 24cash.ca and see how fast loans work, you might be pleasantly surprised to hear that age won’t necessarily prevent a person from taking out loans in Canada. Get the answer to the question, “Can you get a loan at 18?”, and the answers to a few other pertinent questions below.
Can You Get a Loan at 18 in Canada?
First things first: Let’s provide you with a very simple and straightforward answer to the question, “Can you get a loan at 18 in Canada?” The answer is “yes.”
When you’re 18 in Canada, you will technically be an adult. As a result, you’ll be able to do certain things you wouldn’t be able to do if you were under 18. Taking out online loans is one of them.
Does this mean that you have to try to get a loan at 18 in Canada? Of course not. Whether you’re 18 or 81, you should only apply for installment loans through a lender like 24cash when you really need one.
Where Can You Get a Loan at 18?
One thing you should keep in mind if you’re going to try to take out a loan at 18 is that not all lenders are going to be able to provide you with the funding you’re looking for. Some lenders might not feel comfortable with providing you with fast loans when you’re still barely a legal adult.
But there are also lenders like 24cash that would be more than happy to set you up with online loans as necessary as long as you’re at least 18. You should cast a wide net when you need to take out loans in Canada at the age of 18 and find lenders that’ll be ready, willing, and able to extend a payday loan alternative to you.
What Are the Requirements for Getting a Loan at 18?
While you can get a loan at 18 in Canada, the simple fact that you’re 18 isn’t going to automatically get you approved for one. Most lenders like 24cash will also have a list of other requirements in place that you’ll need to meet before they give a loan to you.
For example, 24cash will need to see that you’ve been employed at the same place for more than 3 months before providing you with any installment loans. You’ll also need to bring in a minimum of at least $1,200 per month to be considered for loans in Canada through 24cash.
There are more requirements you’ll need to meet before getting approved for a loan at 18, too. Here are just a few of them:
- You need to be a Canadian citizen
- You need to have a well-established Canadian bank account that you’ve used to accept direct deposits for 3 months
- You need to show you have a low income-to-debt ratio
Additionally, you won’t be able to use certain types of income to your benefit when you apply for online loans through 24cash. For instance, student loans, welfare, and even self-employment income won’t be acceptable when you’re trying to get your hands on fast loans.
Why Might You Want to Get a Loan at 18?
At least part of the reason why people ask, “Can you get a loan at 18?”, is because they can’t imagine why an 18-year-old would need to take out any loans. Even $500 loans sound like they would be too much for 18-year-olds to some people.
But the fact of the matter is that the online loans that 24cash can offer to those who are at least 18 can be utilized for any number of things. An 18-year-old can use online loans to pay for emergency car repairs, books for school, home improvement projects, and whatever else they might want.
If you can qualify for online loans from 24cash and meet all the necessary requirements, you can get approved for a loan just like anyone else in Canada who is over 18.
Should You Get a Loan at 18?
If you’re 18 and thinking about taking out a loan, you’re more than welcome to apply for the installment loans that 24cash has to offer. But prior to putting in an application for fast loans through 24cash, you should ask yourself a series of questions to ensure you’re ready to take on the responsibility of an installment loan.
Here are some of the questions you should ask:
- Am I going to be taking out a loan for something I need or something I want? (make sure it falls into the “need” category!)
- How large of a loan do I need to take out?
- Am I fully prepared to repay a loan once I receive it?
You should also be sure to ask yourself the question, “Which lender should I trust to provide me with a loan?” There isn’t any shortage of options for those interested in applying for online loans. But you’ll want to work exclusively with one of the best lenders in the business like 24cash.
Let 24cash Provide You With Loans in Canada
Now that you know the answer to the question, “Can you get a loan at 18?”, and understand all the requirements that’ll come along with taking out a loan at this age, are you ready to apply for one? At 24cash, we make the application process for our online loans quick and easy.
Just provide us with some basic information about yourself and your employment history and we’ll let you know if we’re going to be able to provide you with loans in Canada. Start filling out an application now!