Friday, 14 August, 2020

A quick loan for everyone? Even eighteen-year-olds will get cash!


Higher financial commitments can be made by anyone who has reached the age of eighteen (unless he / she is not incapacitated).

Despite this, banks are quite skeptical about the youngest borrowers

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Such people can more easily borrow cash from one of the non-banking companies. Young people prefer to do things over the internet.

On the domestic market, we can find several well-known loan companies that pay cash without leaving home and accept applications from people between 18 and 20 years old. These clients can sometimes receive up to USD 1,500, 2,000 USD or 2,500 USD free loan.

Several companies borrow funds for free and will not check the client’s income

Several companies borrow funds for free and will not check the client

After analyzing the loan market offer, it turns out that companies with a minimum age limit of 18 – 20 years old are not uncommon. Among these lenders you can find several companies / brands that regularly appear in Juliet rankings. (see the following table).

As for the companies presented below, Super Lend and Money Lend have the lowest age limit (18 years). These lenders offer a completely free “moment” for new customers (Super Lend up to USD 1,000 for 30 days, Money Lend up to USD 1,000 for 61 days). Super Lend additionally provides for the repayment of larger amounts (USD 1,000 – USD 4,000) in monthly installments (up to thirty).

The offer of Vibe Lend and Credit Lend also deserves special attention. These lenders have set the client’s minimum age of 20, but offer higher limits for a free “wait” (Credit Lend – 2,000 USD, Vibe Lend – 2,500 USD). It should be noted that Vibe Lend and Credit Lend, like Super Lend, do not require documents confirming the income of a young customer. Vibe Lend – the amount of the first (free) loan from USD 100 to USD 2,500. The maximum amount of the second loan is USD 2,600.

The maximum amount of the third and fourth loans is USD 3,500 and USD 4,000. Under the next loans, the client may receive up to USD 4,500 (fifth, sixth and seventh loans) and USD 5,000 (eighth loan). The lender does not require income proof documents. The loan can be obtained using the mobile application. As part of the recommendation program, Vibe Lend pays USD 30 for acquiring a new borrower.

Credit Lend – the amount of the first (free) loan from USD 150 to USD 2,000. Under the next loans, the client may receive up to USD 4,000. The lender does not require income proof documents. Regular customers can count on a reduction in the cost of the loan (from 5.00% to 50.00%).

Money Lend – the amount of the first (free) loan from USD 100 to USD 1,000 (repayment period of 61 days). For regular customers there is a larger loan limit (up to 5000 USD) and a longer repayment period (up to 6 months). The company declares that it will process the loan application in 1 minute.

Super Lend – the amount of the first (free) loan from USD 100 to USD 1,000. Under the next loans, the client may receive up to USD 4,000. For amounts from USD 1,000, it is possible to pay back in monthly installments (from eight to thirty). The lender does not require income proof documents. As part of the recommendation program, the Super Lend company pays a rebate for acquiring a new borrower (commission reduction by USD 20).

People without a steady income must be very careful when making a debt

People without a steady income must be very careful when making a debt

The results of our analysis show that a person aged 18 – 20 can get a quick loan even without showing proof of income. Such easy access to cash can be deceptive for young customers. Even if the lender does not ask for income, the customer should ask the question. Lack of stable income will mean difficulties in paying off and a threat to bailiff execution.

In this context, it is worth mentioning that exceeding the age of 18 not only results in the full capacity to incur obligations. Eighteen-year-olds also become totally responsible for paying off their debts. Possible help for parents in repaying the borrowed amount is only an act of good will towards an adult and not a statutory obligation.

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