Loans for 20 years – why being an adult is not enough?


See the reasons why the age of the prospective borrower is so important to the lender. Online loans are available to adults who have a valid ID. The most common lower age limit of the borrower is 20 years. Some companies provide payday loans for people over 18, but this is very rare. Online loans are a quick and convenient way to get the cash you need without leaving your home.

Loans for 20 years

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Despite their young age, people who have reached the age of majority and have the full right to take out loans of payday loans at non-bank companies also become borrowers. Bad financial situation can happen to any of us. In such difficult moments for us, you will need to get a quick decision on granting the loan. Young people struggle with financial problems and also have a lot of expenses. 20-year-olds usually begin a new stage in their lives at this age. Moving, buying a new apartment, wedding, car repair, or also a dream vacation are some of the reasons why young people decide to take out loans from non-bank companies.

Are you interested in a loan that will finance your plans? Remember that the age of the applicant is of great importance for the final decision to grant or reject a loan application. Why are lenders not willing to provide financial assistance to young people? Certainly, the history and creditworthiness of the customer have a large impact on the granting of the loan.

Young people who are just starting their careers are insecure borrowers, because non-bank companies are afraid that such a young customer will not be able to repay the contract, or worse, will fall into the so-called a spiral of debt, from which it is very difficult to get out. This is certainly an uncomfortable situation for both sides.

Online loans for 20 years – for whom?

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Each lender providing online loans and payday loans sets the potential client’s criteria in advance. On each loan page you will find a description of the loan terms. In addition to the lender’s age, non-bank companies expect the applicant to be permanently resident in Poland and have legal capacity. People who are Polish citizens can also apply for a loan. Other requirements set by a non-banking company are having an active telephone number to which the company consultant will contact regarding the conclusion of the contract or confirmation of personal data, as well as the e-mail address where the loan agreement is usually sent, as well as the repayment schedule.

In addition, an important aspect for lenders is a good credit history and the lack of negative entries in the debtors’ registers, including the Credit Information Bureau, Economic Information Bureau, National Register of Debtors, ERIF or BIG Infomonitor. It is also important for the borrower to have his own bank account number to which the money from the loan will be transferred. During the commitment process, the company will verify our bank account details to determine whether the personal details are in line with those in the loan application that the borrower previously filled out.

Online loans for 20 years – what should you watch out for?

Online loans for 20 years - what should you watch out for?

If we are particularly young people interested in a loan from a non-bank company, we need to think carefully about whether we will be able to repay the loan. This means that we should have a stable income, which in most cases is enforced by lenders. It happens that non-bank companies accept student grants, regular payments to their bank account from their parents, or occasional work.

If you do not have any stable source of income, it is better not to risk it without taking a loan from a non-bank company. In a situation where we are unable to pay the debt within the prescribed period, the company may report our personal data to the databases of indebted persons. Entry in the debtor’s register may result in you being refused a loan from a non-bank company in the future.

What expenses are payday loans for 20 years?

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Every year, more and more young borrowers are appearing who are increasingly willing to take out loans on payday loans. More and more people over 20 apply for financial support. However, the number of people taking out loans increases with age. Unfortunately, this entails an undesirable effect, which is the debt of young Poles. Young borrowers are not fully aware of the consequences of irregular repayment or total avoidance of repayment. And do you know what spending is currently facing young consumers?

Most often loans payday loans taken by young people are for home appliances and electronics. Also, 20-year-olds decide at such a young age to get married, where the fees associated with preparing the wedding ceremony are huge. Starting a life together is associated with further expenses, such as honeymoon or buying a new apartment. Another group of young people’s recipients are people who want to use the loan money to finance college education or pay rent for a rented apartment.

Consequences of entry in the data

Consequences of entry in the data