Getting a Loan at 17
17-year-olds are just starting to learn about finances, but can they get a loan? The simple answer is no.
One of the primary reasons 17-year-olds cannot get a loan is because they are not of legal age. Terms such as age of majority vary by state, but most states require borrowers to be at least 18-years-old before they can get a loan.
In addition to being of legal age, lenders also consider borrower’s credit scores when determining eligibility. Most lenders require borrowers to have a good credit score, which isn’t likely to be the case when they are just 17.
Options at 17
While 17-year-olds are not able to take out a loan, there are some options available. They may be able to allow their parents as a co-signer. This gives lenders more confidence in the loan, as it is backed by the credit score of their parent or guardian.
Parents may also be able to give their child a loan without interest for learning expenses such as college tuition or car expenses.
Alternatives to Loans
If you’re 17 and in need of money, there are other options than a loan. You can save up and apply for scholarships or grants. You could also seek a part-time job or start a side-hustle to earn money. You could also seek the help of relatives or family friends that may be willing to help out.
Another option is to start a crowdfunding campaign. This can be a great way to reach out to family, friends, and even strangers to help with whatever expense you are trying to cover.
17-year-olds cannot take out a loan as they are not of legal age. Parents may be able to take out a loan with their child as a co-signer, or they may be able to give them an interest-free loan. There are also other options such as seeking scholarships, grants, finding a part-time job, starting a side-hustle, asking for help from family, or starting a crowdfunding campaign.
Can you get a loan without a job at 17?
In most cases, it is not possible to get a loan without a job at the age of 17. Most lenders require borrowers to be 18 years of age or older to qualify for a loan, and they usually also require proof of stable, regular income.
As such, having a full-time job or other regular source of income is often necessary for 17-year-olds to be approved for a loan.
However, some lenders may make exceptions for borrowers who are able to provide collateral, a cosigner, or other proof of their ability to repay the loan.
Can you get a loan if you are 17 and unemployed?
No, typically you need to be 18 years or older in order to qualify for a loan since it is a legally binding agreement. Additionally, being unemployed can also make it difficult to qualify for a loan as lenders want to make sure you have the ability to repay the loan.
Fortunately, there are still some options for 17-year-olds who are not employed. Parents, family members, and friends may be able to help with a loan or other financial assistance. Additionally, there may be grants, scholarships, or other forms of aid available that they can investigate. Finally, they may also be able to find a part-time job or start a side hustle to bring in some income and help cover their expenses.