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Can Young People Be Approved for a Loan in the Philippines? Yes, They Can!

February 20, 2020

From what age can I get a loan in the Philippines?

All financial organizations – banks, lending companies and others, operate in the legal field, and regulate their work according to the legal framework. Despite the fact that officially a person has the right to issue a loan or a microloan from the age of 18, and this is spelled out in documents, in fact, most organizations issue a loan from the age of 21. This is not only about the Philippines, this is a worldwide trend https://descrier.co.uk/culture/music/bbc-sound-of-2013-longlist-revealed/.

Both the bank and the microfinance organization work with the aim of making a profit, and try to minimize the risks. Therefore, getting a loan from the age of 21 without an income certificate will be available to more people than those whose age has reached 18 years. According to many experts, it is after 21 that a person becomes more responsible, has a stable income, which means that he is a reliable borrower who will repay the loan in full and on time.

Can I get a loan being 18 years old?

Despite the fact that many online lending companies with sure approval and banks have been issuing cash loans since the age of 21, it is still worth trying for 18-year-old borrowers. When contacting organizations and institutions that provide lending services to the population, the first step is to specify their age limits for customers. If a young guy or girl is enrolled in a university and gets a scholarship there, they can count on a positive decision when reviewing their loan application. In particular, some microfinance companies have for several years successfully issued microcredits for such a category of the population as students, offering advantageous interest rates and conditions for cooperation.

What are the most frequently denied groups of population:

  • Young people between 18-21 y.o.
  • People older than 65 y.o.
  • Unemployed people
  • People without stable income

Not only the age of the borrower plays a role in processing loans in banks. Pay attention to credit commissions and gender of the borrower. If a young person has a proven income and can provide documents to prove it, he will be approved for a loan even if he is just 18 years old.

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