Payday Loans for 18 Year OldsWhen it comes to payday loans, there are a number of questions that arise because of the fact that they aren’t regular loans. Their eligibility terms are different and there are many speculations as to who can or can’t apply for such a loan.

As one may be aware of, majority loan lenders offer loans o all adults, which means to those individuals who are 18 years of age or more and so do direct lenders. However, most traditional loan lenders do not offer loans to those who do not have credit histories at all, or have bad credit. In order to get a loan one must be 18 years of age at the minimum which means that most 18 year olds do not have credit ratings since when they turn 18 should, in most likelihood, be the first time they are applying for a loan. If they haven’t availed a loan previously, they obviously do not have a credit score.

But if not with traditional lenders, these 18 year olds have to start somewhere, right? That’s when direct loan lenders come into the picture.

Direct loan lenders offering payday loans do not consider one’s credit score in order to fund them. Credit checks are time consuming procedures which can also possibly reduce the credit rating of a borrower. That’s not something direct loan lenders want to rely on since one major advantage of taking a loan from them is the fact that they transfer funds fast. Instead of depending on credit ratings in order to fund their borrowers, they depend on whether their borrower has a stable monthly income or not.

As long as one has a stable monthly income, getting a loan without having a credit score can be very easy if they choose to approach a direct loan lender for the same. They shall then offer funds depending on how much one earns on a monthly basis since payday loans are meant to be repaid once a borrower receives his/her next salary.

So yes, when it comes to payday loans, a borrower can receive them even if he/she is just 18 years of age since that isn’t a factor that direct loan lenders look into while offering loans to borrowers.

Along with being 18 years of age and having a stable source of income, a borrower should ideally be a citizen of the United States, should have a checking account and should provide their direct loan lender with valid contact details.

Once the above mentioned criteria are fulfilled, it is very easy for one to get a payday loan.

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