What are youth loans?

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800
5 days
30 days
Loan
50
Loan term
30 days
Loan information
Youth Loans

Students, young professionals, and everyone just starting their careers are familiar with acute money shortages at the most inopportune time. The salary is still small, there is not enough scholarship for anything, and a person does not want to ask parents for help. Borrowing money from friends and acquaintances is not always convenient. But nothing is impossible and almost any financial problem can be solved with the help of a microcredit company. This is a modern online service for the rapid issuance of money that allows to obtain loans for young people of 18 years. They generally have fair terms, a flexible interest rate, and no need to show an income statement.

One of the trusted companies working in the field of interest-free loans for young people in Spain is Casting Credit, and they are eager to help those facing current monetary difficulties.

What are youth loans?

A person at the age of 18 is starting his own independent paths, therefore limited resources and urgent needs for money are normal. Credits may be needed to pay for tuition, dormitories or rooms for rent, gifts for your loved ones, new jeans or shoes. Sometimes people need loans for unemployed youth because they want to relax and go to a concert of their favorite band, who can no longer come to Spain. Young people need a new smartphone or a convenient tablet to work and study. There are many options for wants and needs, but many at this age are not available. Obtaining youth loans will solve the situation. Young people can get them quickly and buy everything they wanted to buy for so long.

Online loans are a popular and convenient service. In the first application, 15 minutes is enough to get a response. This will require:

  • enter the required amount and period on the calculator;
  • register (specify name, surname, telephone number and email address);
  • fill in the form: it contains personal information;
  • Sign an agreement.

This is a standard procedure, the nuances of different microfinance institutions may vary slightly. One person must follow the directions on the site and complete all the columns. After signing the contract, the money from the youth credit is instantly transferred to the card.

Tip: in the questionnaire, indicate only real data, each verification system has its own algorithm, therefore, the slightest inaccuracy (even a random error in the data) will lead to failure and denial of loans for disbursement of Young.

Essential requirements for youth loans

Requirements for borrowers who want to obtain youth credit :

  1. A person must be a Spanish citizen or have an appropriate residence permit. It is important to remember that it must be valid until the end of the loan term.
  2. A borrower must have a working mobile phone and email address.
  3. An individual must have an open bank account.

It should be understood that the work of microfinance organizations is based on automatic verification of data. The system makes the decision after processing the questionnaire. This is what allows youth loans without payroll with the minimum requirements for potential clients.

Spanish citizenship is a prerequisite for loans. But, at the same time, the system will necessarily take into account the presence of a residence permit (permanent or temporary). In most microfinance institutions, the youth credit is issued on the card from the age of 18, but in some, the minimum age can be 20 or 21 years. Having a bank card is not only a way to obtain a loan online, but also certain insurance: a scholarship is transferred to the card, which can be used to pay off the debt. If a young person has a credit card, this characterizes him as a creditworthy borrower who has passed a bank audit.

Tip: In microfinance organizations, youth cash loans are given to non-working students, but if there is a part-time or stable job (even unofficial), it is worth indicating this in the questionnaire as additional information about yourself. Then there will be an opportunity to get a greater amount of money.

Key benefits of youth loans

  • Any 18-year-old Spanish citizen can apply for loans for young entrepreneurs. The only document required is a valid DNI / NIE. It is also necessary to have a bank card, to which the money is transferred in case of a positive decision.
  • To receive fast money on a card, a certificate of income is not required.
  • The application is filled out online at the site. You do not need to collect documents and bring them to the company office to apply for personal loans for young people online. The form can be completed on the go using a smartphone / tablet / laptop with an internet connection.
  • There is no need to wait long for the request to be considered. The decision is typically received by the borrower within 15 minutes after the application is submitted.
  • Interest-free loans for youth funds arrive within a couple of minutes after approval. The process from completing a form to receiving financing takes an average of 30 minutes.
  • Youth loans are issued 24 hours a day, seven days a week. In case of emergency situations, students can apply on weekends, holidays, and evenings.

Why are youth loans available?

From the point of view of the banking system, 18-21 year olds are an unattractive category of borrower. Most often, your personal source of income is a scholarship. Therefore, the probability of denial of bank loans for young people is high. Otherwise, microfinance organizations are not critical and show loyalty to young clients. They have minimum requirements and a high percentage of approvals. This enables young people to actively use online loan services. This is why youth loans are so popular with students.

about the author

Maria Solis Burley

Credit consultant in Spain. Financial Analyst at Crédito Victoria.
LAST UPDATED: February 10, 2020