Are you 17 plus? Get affordable and safe loans now!
While young, you may face financial obstacles like updating credit cards, repairing the car, and financing small educational needs. You have savings or your parents may fund your needs, but there is still a better alternative too. We provide loans for young people to those between 17 and 25 years. You can get £1000-£5000 repayable over 12-60 months with the freedom to choose your repayment tenure and reschedule if needed.
These are the short-term loans ideal for covering the small financial expenses. You do not need not to worry about the interest rates because we keep them competitive as much as we can. However, it would be best if you utilise these loans for small expenses and plans.
You can top-up these loans if the amount does not suffice. Get one if you reside in the UK and have stable income proof. You can provide an employment letter, scholarship, part-time income proof, etc., to get young people loans in the UK with us. You may qualify if you earn £400/month. Non-earning individuals can qualify with a co-signer on the funds.
At MyFinancialLoans, you are away from unnecessary paperwork and legwork. You need to sit online and just fill out one-page application form only. We have digitalised our lending procedure and as a result, you can feel assured with instant loan approval and same day funding.
Borrowing £2,500 over 24 months at Representative 49.9% APR and Interest rate 49.9% p.a.
(fixed) with monthly repayments of £166.64 and a total amount payable of £3999.26.
All our loans terms from 6 to 36 months.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk
What do loans for young people imply?
Loans for young people are specialised personal loans that young person use to apply. These individuals have started college and are pursuing graduate courses to upgrade their skills. During this, they need substantial funds to fulfil their financial needs too. It is where these loans come into the picture.
These unsecured loans are for individuals with no or limited credit history. It helps them to get a small sum to fund their instant requirements. You may qualify for loans for young people in the UK if the income suffices the money requirement.
Jobless or studying individuals can also apply. These are also known as loans for the unemployed because most lack income at a tender age. We do not mandate or rely solely on credit scores. Instead, we analyse your circumstances, income capabilities, and purpose to offer an affordable amount.
You get the young person loan immediately by choosing the apt amount up to £5000 and repayment structure. The interest rates on the loans are competitive. If you manage your loan well or pre-pay the amount, you may cut the impact of interest rates, as we allow prepayment on these loans.
You can use these loans for any small purpose or a financial emergency. We have made applications available online with no documentation to follow.
What purposes can you use a young person loan for?
There are multiple uses of the loan for 18 and above. We receive applications stating the smallest to most exciting needs. Desires or needs may vary, but you should know that we are quite determined to offer only affordable options. Therefore, it is crucial to analyse your current financial scenario and affordability.
Here are some purposes you can use the loan:
Clearing credit card debts
You are young, and you must be fond of shopping. You do not hesitate to use your credit card while shopping without worrying about its bill. Whether you are 18 or 21, you must have a long series of pending credit card debts. You can use the loan to pay these off and clear your debt. Paying your credit card debts in full help you improve your credit score.
Fund your start-up’s needs
Most individuals in the UK apply for loans for 17 years old to meet the start-up requirements. These funds can help if you are self-employed or considering starting your start-up on a good note. You can use it for initial operational set-up, funding equipment purchase, and marketing your business idea. Remember, you must have something to repay the loan.
Repairing the car or pay the car rental
If you have a car of your own and lack a way to finance its immediate repairs, the young person loan can help. You can use a part and bridge the rest with your part-time income or full-time salary. If unemployed, you can leverage it with a scholarship or a sponsored benefit you have. We provide multiple scopes to qualify with bad credit and no relevant income base.