I am 18, can I get a loan?
To be able to borrow money in the UK, you have to be at least 18 years of age. This is the age at which it is deemed that you are an adult and capable of making informed decisions about your finances. Some direct lenders will not consider young borrowers as they are deemed a risk, but Upwards works with lots of lenders who will. As with all types of credit, the lender needs to be satisfied that you meet their criteria before they approve your application. So you will need to show that you can meet the repayments for the loan.
At 18 years old, you are unlikely to have had the opportunity to be able to build up much of a credit score, so it is likely that the mainstream lenders, such as your bank, may not approve you, as you have not shown that you have paid back credit before. Many lenders specialise in helping young borrowers obtain credit. If you are employed and have a valid bank account, we may be able to help you find a short term loan.
It is a bit of a catch 22 situation for young people to be accepted for credit. Many young people have not missed or been late with repayments but struggle to be approved through no fault of their own. Their situation can be improved through repayment of mobile phone bills etc, who report to credit reference agencies.
Young people who want to improve their credit record have a number of things that they can do. Making sure you are on the electoral roll, check for mistakes on your credit file, check for any fraudulent activity, ensure that all credit and bills are paid on time, check if you are linked to another person, do not move address multiple times in a short period of time, do not run up high balances on credit cards or overdrafts, not making multiple applications for credit.
All of these things combined can improve an adverse credit rating over time. You can apply to see your credit score by contacting the 3 main credit reference agencies, Experian, Equifax and Call Credit to get a copy of your report.
The approximate interest for borrowing £100
Upwards is a registered trading name of Upward Finance Limited which is an Introducer Appointed Representative of Flux Funding Limited, who are a credit broker, not a lender. Rates between 9.3% APR and 1294% APR – your no obligation quote and APR will be based on your personal circumstances – we compare short-term loans from over 50 lenders to get you the best APR possible for you. Loan term lengths from 3 to 36 months.
Try our No Obligation Eligibility Checker
Get your money by 5:22am
Find out your chances of being approved for a loan, without leaving a footprint on your credit file. Totally free and no obligation to apply.Eligibility Check
I need a loan quickly, can you help?
Upwards has a really quick and easy application process. If you want to apply for an 18-year-old loan today, you can do so online, via your mobile phone, computer or tablet. We will get you an instant decision and if you are approved by a lender, they will pay out your loan in as little as 15 minutes* even if you have bad credit. Working with a marketwide panel of lenders, we are well placed to help most customers find a loan even 18 year olds with no guarantor.