Compare loans for 18 years old with or without a co-signer

A guide to getting a personal loan if you have just entered adulthood.

Getting a loan at 18 is often harder than just asking and getting approved. You probably have little or no credit history, few savings, and may not have enough income to meet the eligibility requirements of many lenders. So, what are your options if you are 18 and need a loan? Read our guide to find out.

Our first choice: credible personal loans

Our first choice: credible personal loans

    • Min. Required credit score: Good to excellent credit
    • Min. Amount of the loan: 1000 €
    • Max. Amount of the loan: 100 000 €

5.34% to 35.99%

  • Requirements: Have excellent credit to excellent, you are 18 years old or older and you are a US citizen or permanent resident.
  • Free Loan Connection Service
  • Custom rates in minutes
  • Secure online application

Our first choice: credible personal loans

Get personalized rates in minutes, then choose a loan offer among the largest online lenders.

  • Min. Required credit score: Good to excellent credit
  • Min. Amount of the loan: 1000 €
  • Max. Amount of the loan: 100 000 €
  • APR:5.34% to 35.99%
  • Requirements: Have excellent credit to excellent, you are 18 years old or older and you are a US citizen or permanent resident.

Although your options may be more limited than those of more experienced borrowers, you may be eligible for one of the following options:

  • A loan from your current bank

    You may be able to work around your lack of credit history by applying for a loan from your current bank. Banks may be more willing to lend to you if you have long experience among them, including a current account, a savings account and any other product.

  • Unsecured loan of small value

    If your bank does not have a loan to apply for, you may be more likely to apply for a lower personal loan. The minimum loan amount for some personal loan lenders is € 1,000, but you can find other lenders offering lower amounts.

  • Loans

    Some savings and credit cooperatives and some local banks offer loans of a few euros, designed to help you strengthen your credit history, sometimes even up to 100 euros. They are generally short-term and have relatively low rates and can help you qualify for more financing in the future, including credit cards.

  • Guaranteed car loans

    If you want to buy a car, secured loans are less risky for lenders because they will be able to recover their losses in case of default. New and used car loans are available and you can get a lower rate than an unsecured loan.

  • Borrow with a co-signer

    If you find that you are not eligible for a bank loan, you may consider asking your parents, another family member, or even an older close friend to provide a guarantee. This person will take on a great responsibility because they agree to take over the loan payments if you can not do them anymore.

    All lenders do not allow you to apply with a co-signer. You may want to start by reading our guide.

Follow these steps to increase your chances of being approved:

Step 1: Get a copy of your credit report

It is likely that you do not know your credit score, let alone your credit history. Having an idea of ​​your credit history will help you determine which lenders you are eligible to borrow. Getting an estimate of your credit score can help.

You do not know what good credit looks like? Consult our guide

Step 2: Review your work history

Most reputable lenders tend to be wary of loans to people who have no source of income. Even having a small part-time job can help you get loan approval because it shows you’re generating at least one income. Look for jobs that you have had in the past or are currently waiting for that could make your application more dynamic.

You do not necessarily need a co-signer to borrow at age 18, but it may help you borrow higher amounts at more competitive rates than if you apply alone. Contact family members and friends who have a stronger credit history than you to know if they are ready to help you. This will help you clarify your choices: Not all lenders allow co-signers of personal loans.

Find a lender who allows co-signers on personal loans

Step 4: Compare the lenders

It is usually a good idea to compare lenders if you want to find the most competitive loan. This is almost essential for you: it can be difficult to find a lender who accepts co-signers or who is willing to lend to someone with a low credit history.

Compare the following features to find the most competitive loan you can claim:

  • Interest. Check if the interest rate is fixed or variable and how competitive it is with other similar products.
  • Value of the loan. Lenders offer varying minimum and maximum loan amounts, but what you offer ultimately depends on what you can afford to repay. This is determined by the criteria defined by the lender.
  • Fees. Different types of fees may be charged, ranging from setup fees to monthly fees and prepayment fees. Find out what are the fees associated with your loan before signing on the dotted line.
  • Other characteristics. Take a look at the different features of this offer, on which you can find more information by reading the loan reviews here on These may include the ability to make additional repayments, a clearing facility or an extended warranty on a car loan.

Step 5: Get pre-approved

Many lenders allow you to apply for pre-approval – also known as prequalification – by completing a simple application. This will let you know if you qualify and often gives you an estimate of the APR, amount and term of the loan you can expect without doing a credit check.

Rigorous credit checks, also known as credit applications or credit applications, can make your credit score take a temporary dip and make it more difficult to get another loan.

Step 6: Apply

Make sure you are accurate when completing your application – one of the main reasons why people are denied a loan is their mistake. Review it several times to make sure there are no inconsistencies.

If you are accepted, it is also important to read the terms and conditions of your loan before signing your loan documents. If you find it hard to understand, contact your lender or ask a friend or family member for help.

  • Show that you have savings.
    If you can show the lender that you are good at saving, the lender may be more willing to approve you. A stable savings history will work better with your current bank because it will be able to see your account information when you request it.
  • Offer a deposit.
    Having a deposit when you apply for a car loan shows that you are in a good financial situation. The larger the deposit, the less borrowing you will need and the more likely the approval will be.
  • Receive a letter from your employer.
    If you are a short-time employee or have not been employed for a long time, a letter from your employer stating the safety of your job may help your claim.
  • Apply for a lower amount.
    Asking too much when you have little credit history or you do not have a high income can be an alarming sign for lenders and result in an automatic rejection, instead of a lower bid.
  • Apply for a secured loan
    Secured loans, such as car loans, are less risky for banks as they will be able to recover their losses.

If you’re 18, you probably do not have a credit history – you’re not old enough to be a credit score until this year. In most cases, non-credit borrowers must use a co-signer to help you meet basic credit requirements.

You do not have a co-signer? Some lenders offer loans designed for students that take into account factors such as the cumulative average of their college and their earning potential rather than their credit score. And if you’re in school, you can also use some of your student loans to cover your living expenses and personal expenses once you’ve paid your school’s tuition and fees.


  • Access to funds. By obtaining a loan, you will have access to the funds you need to pay for the essentials.
  • Build your credit history. The acquisition of a loan allows you to establish and build your credit history. This ultimately affects your eligibility for other types of loans and access to better interest rates in the future.

The inconvenients

  • Limited amount of the loan. If you do not have a credit history or limited credit history, you may only qualify for a small loan, which may not be enough for you.
  • Potentially high rates. You will probably not be eligible for a loan with low rates and favorable terms until you have a good credit and employment history.
  • Risk of getting into debt. Taking a loan is risky, so be sure to budget your repayments and not ask for a loan that exceeds the amount you can afford to repay.

Frequently asked questions about loans for 18 years

Frequently asked questions about loans for 18 years

  • What do I need to apply for a loan?

    Lenders will have different application processes. As a general rule, you will need to provide a piece of identification, such as a driver’s license, personal information and contact information, information about your place of work and your income.

  • How old do you have to be to get a loan?

    It depends on where you live. In most states, you must be 18 years of age or older to get a loan. However, in Alabama and Nebraska, you must be at least 19 years old to take out a loan. In Mississippi, the minimum age is 21 years old.

  • How can I get a car at 18?

    When you’re 18 and do not have credit or high personal income, you have two main options to pay for a car: use a co-signer like your parents to help you meet credit requirements or take out a credit card. auto loan designed for students if you are in college.

    If this is the first time you buy a car, make sure to do some research to find the vehicle that best suits your needs. You can start by visiting our car buying guide or visit our auto loans page to learn more about your financing options.

  • How can I get the lowest rates?

    Compare the rates offered by different lenders and find the loan to which you are entitled with the lowest rates. Remember to check the APR because this includes fees and is more representative of the actual cost of the loan.

  • I applied for a loan but was rejected. How long can I apply for another one?

    Your loan applications count as requests on your credit report and can affect your credit score. Asking for loans can not only have a negative impact on your credit score, but can also be a wake-up call for lenders, who may deny you other loans. One idea is to wait for a new loan application, especially if you have no credit history.