For some banks, the minimum age to request a credit or loan may vary according to their policies. Most banks agree that their applicants must be at least 18 years old. While those who grant mortgage loans usually demand the compulsory age of 25 years because they consider that a younger person may not have guarantees of the contracted return.
Apply for a credit or a loan when you are too young can be a problem if you do not have money security or financial stability to pay it off. But it also happens that when you require a more adult loan they could deny it if you exceed a certain number of years. In short, the perfect age does not exist, what does exist is the need to have proper documentation.
Documentation required to obtain a financial product
The documentation or requirements to be fulfilled to grant the credit or loan may vary depending on the bank or financial institution in which you request it, for these reasons we list the most common requirements when requesting a loan and the minimum and maximum age established by them .
For every loan you must check stable income. In personal loans and credit cards they request your payroll receipts from three previous months. While auto and mortgage loans generally ask that you take a year of your current job, so it is necessary to check it.
Your monthly income may vary depending on the credit you require, but they range from 5,000 dollars to 15,000 dollars. Above these amounts they may approve said service.
Good track record
When you apply for your first loan, you may not have a credit history and for these reasons you will not be granted any type of credit product. For these reasons you must make a score before. exist cards for university students who report to the Bureau, also the telephone plans classify your behavior as good or bad debtor.
If you already have more than one credit card, what banks really verify is your behavior with your debts. That is, if you do not have arrears or if you have always paid on time. A good score in the Bureau is derived from your movements in your history, how many credits you have requested, at what point you paid them, etc.
Some banks request that the subject of the loan be a citizen; or that legal residence in the country can be proven. This is requested for security, because fraud can occur from a person outside the country or who is only temporarily in our territory.
The age is variable depending on the credit or loan that you request. In case of being a personal loan or a credit card, the age can vary from a minimum of 18 years to a maximum of 69 years.
While when you want a car or home loan, the age may change depending on the bank, but for the most part they agree that they must be people with a credit history that guarantees their ability to pay. For these reasons, entities have a minimum age of 25 years and a maximum of 70 years in case you want to purchase any of the two mentioned products.
Physical or digital documentation
Once you have complied with these requirements, you must grant all the papers to your bank or financial institution that you request, a physical or digital copy will facilitate the execution process. Do not forget to have on hand some official documents such as identification, curp, proof of address, etc.
Now that we know the necessary requirements to acquire any of these services, take into account the moment in which your financial life is and evaluate if you have the necessary resources to commit to a credit product.
What is the perfect age to get credit?
Not so young, not so old. The perfect age to apply for your first credit card or personal loan may be 20 years old, the best thing to do first is to have some financial solvency so that you can afford these products and have a good Bureau.
Regarding automotive, mortgage and business loans: the minimum age is 25 years and older. By then you will have already created a considerable score and will be able to request a loan for a house or car. It is recommended to have a stable financial life; no debt and continuous income for your financing to be granted.
Are you already at that age? Well, we recommend that you comply with all the stated requirements. If you have already applied for a loan or credit and you are in debt, it is best to resort to experts in solving debts.