If you are an authority, it is natural for you to think that any loan application should have good opportunities for approval only if the economy holds the credit check that the loan institution does. However, it is not so easy as many lenders offering SMS loans have age restrictions that make it impossible to take an SMS loan if you are 18 years old.
Unfortunately, however unfair this may be, there is not much to do about it. The loan institutions that have these rules will simply not approve any applications. Fortunately, there are then a number of credit institutions that approve SMS loans for people who are not older. The reason some lenders have rules of this kind is because they feel that there is a greater risk that younger borrowers will have trouble repaying the loan. Then whether this is true or not is a completely different question but you cannot do anything directly about it all as it is their own rules.
What applies to SMS loans for 18 year olds?
Something that you should feel a little positive about is that the exact same conditions apply even if you are 18 years old. This means that you can borrow up to around USD 10,000 and pay for this a few hundred dollars as with all other micro loans.
The repayment period is also the same which is usually 30 – 90 days. The length of time that you can get on the loan is strongly dependent on how big the loan is. The larger micro loans usually have longer maturities than the small ones, or you have the option of choosing to repay the loan a little slower.
Who offers SMS loans to you who are 18?
A number of the credit institutions that approve SMS loans to people who are 18 years old can be found a little further down on this page. The tip is then that you visit our site where we compare micro loans and see which lender is the cheapest and thus may be the best fit for you.
Just don’t forget to think carefully about whether or not to take an SMS loan as it comes with a cost that you are expected to pay after 30 – 90 days. The cost is often quite high compared to other loans and the total amount of the loan gets even higher the longer you choose to borrow the money.