18 year old sefies

Loans For 18 Year Olds

Rates and Fees verified correct on December 11th, 2016

A guide to getting a personal loan if you’ve just entered adulthood.

If you've just turned 18 you may be excited at the prospect of many things becoming available to you – alcohol, voting and yes, loans. However, finding credit may be more difficult than simply applying and being approved. When you first turn 18 you will have little to no credit history and you may have little savings. So what are your options if you're an 18-year-old who needs a loan? Read our guide to find out.

I'm an 18-year-old who needs a loan. What are my options?

If you've just turned 18 you have various loan options that you can consider.

  • A loan from your current bank. One of the problems 18-year-olds encounter when trying to be approved for loans is that they have limited or no credit history. One way to get around this is to apply with your current bank. You're likely to have a long history with your bank with transaction accounts, travel cards and any other products you've held, so they may be more willing to give you a loan.
  • Unsecured loans for lower amounts. If your bank doesn't have a loan you want to apply for, you can consider personal loans for lower amounts. The standard minimum amount for loans is usually around $5,000, but you can find some lenders offering $3,000 or even as low as $1,000. Compare your options and only apply for as much as your need.
  • Secured car loans. If you want to buy a car, secured loans are less risky for lenders because they will be able to recoup their losses if you default. New and used car loans are available and you can get a lower rate than with an unsecured loan.
  • Getting a guarantor. If you find you are ineligible for a bank loan, you may consider asking your parents, another relative or even an older close friend to go guarantor for you. This person will be taking on a large responsibility because they are agreeing to take on the loan payments if you can no longer make them. You can compare loans that accept guarantors on this page and joint application personal loans on this page.

Compare your loan options

Click through the tabs below to compare loan options from a range of lenders.

IMB New Car Loan

IMB New Car Loan

Apply for IMB New Car Loan and enjoy a great low fixed interest rate with no ongoing fees.

  • Interest Rate From: 6.34% p.a.
  • Comparison Rate: 6.62% p.a.
  • Interest Rate Type: Fixed
  • Application Fee: $199
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 7 year
  • Minimum Loan Amount: $2,000
  • Maximum Loan Amount: $75,000

These loans can help you buy a new or used car.

Rates last updated December 11th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
CUA Fixed Rate Car Loan
A competitive car loan that offers flexible repayment options and no account keeping fees.
From 6.79% (fixed) 6.92% $15,000 1 to 7 years $0 Go to site More
IMB New Car Loan
This fixed rate new car loans up to 2 years old features no early repayment penalties
From 6.34% (fixed) 6.62% $2,000 1 to 7 years $199 Go to site More
RACV Car Loans
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
From 6.2% (fixed) 6.73% $15,000 1 to 7 years $378 Go to site More
NRMA Car Loan
Purchase a new car with an NRMA Car Loan with a fixed rate term and no monthly fees.
From 6.2% (fixed) 6.73% $15,000 1 to 7 years $378 Go to site More
RACQ New Car Loan
Apply online and receive a response within 5 business hours.
From 6.2% (fixed) 6.73% $15,000 1 to 7 years $378 Go to site More
Latitude Personal Loan (Secured)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
Matchacar Financing
Get a tailored financing solution for buying your next car.
From 5.35% (fixed) 6.04% 1 to 7 years $350 Go to site More
IMB Secured Personal Loan
A secured loan from IMB with flexible repayment features
From 7.39% (fixed) 7.67% $2,000 1 to 5 years $199 Go to site More
Bank of Melbourne Secured Car Loan
A low rate personal loan from Bank of Melbourne with variable or fixed option.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
BankSA Fixed Rate Car Loan
Apply for a fixed rate car loan from multi-award winning BankSA.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
Latitude Personal Loans (Unsecured)

Latitude Unsecured Personal Loan Offer

Latitude Financial Services Personal Loan offers a low interest rate with a low ongoing fee and a rate of 13.99%.

  • Interest Rate From: 13.99% p.a.
  • Comparison Rate: 15.20% p.a.
  • Interest Rate Type: Fixed
  • Application Fee: $250 (Loans under $4000 - $140)
  • Minimum Loan Term: 2 year
  • Maximum Loan Term: 7 year
  • Minimum Loan Amount: $3,000
  • Maximum Loan Amount: $50,000

Use the funds from these loans however you need to.

Rates last updated December 11th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
NAB Personal Loan Unsecured Variable Rate
A low interest rate loan with redraw facility to access money you've paid in advance.
From 13.69% (variable) 14.56% $5,000 1 to 7 years $150 Go to site More
Latitude Personal Loans (Unsecured)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
From 13.99% (fixed) 15.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
CUA Discount Fixed Personal Loan (Loans over $30,000)
Take advantage of a competitive fixed rate and no monthly fees when you borrow over $30,000
From 10.99% (fixed) 10.99% $30,000 1 to 7 years $0 Go to site More
NAB Personal Loan Unsecured Fixed
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years.
From 14.19% (fixed) 15.06% $5,000 1 to 7 years $150 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $150 Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $150 Go to site More
Bank of Melbourne Unsecured Personal Loan
An unsecured personal loan that gives you a choice between a fixed or variable rate.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More
BankSA Unsecured Personal Loan
BankSA allows you to borrow up to $40,000 with your choice of a fixed or variable rate.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More

Have we missed anything in the comparison table? Tell us

Sunshine Short Term Offer

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.

  • Loan Amount: $2,000
  • Loan Term: 9 weeks
  • Turnaround Time: 30 Minutes - conditions apply
  • Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
  • Bad credit borrowers OK
  • Quick and easy Approval
  • No Credit Checks - Must be employed

    These loans are designed as emergency stopgaps when you're caught short before payday.

    Rates last updated December 11th, 2016
    • Product

    Compare up to 4 providers

    • empty
    • empty
    • empty
    • empty
    loading

    Fetching your data...

    Tips to be approved for a loan at 18

    • Show that you have savings. If you can show the lender that you're good at saving it may be more willing to approve you. A steady savings history will work best with your current bank as they can view your account information when you apply.
    • Offer a deposit. Having a deposit when you apply for a car loan shows you're in a good financial position. The larger the deposit the less you need to borrow, and the more likely an approval may be.
    • Get a letter from your employer. If you're only employed casually or have not been employed for long, a letter from your employer stating the security of your employment may help your application.
    • Apply for a lower amount. Applying for too much when you have little credit history or don't earn a high income can be a red flag to lenders and result in an automatic rejection, instead of an offer for a lower amount.
    • Apply for a secured loan. Secured loans, such as car loans, are less risky for banks because they will be able to recoup their losses.

    How you can compare your loan options

    • The interest rate the loan comes with.
      Check whether the interest rate is fixed or variable and how competitive it is compared to other similar products.
    • How much you're able to borrow. 
      Lenders offer varying minimum and maximum loan amounts, but what you're offered ultimately depends on what you can afford to repay. This is determined by the criteria set by the lender.
    • The features on offer. 
      Have a look at the different features on offer, which you can find out more about by reading the reviews on finder.com.au. It’s important to familiarise yourself with the value-adding features of a loan. These can include the ability to make extra repayments, an offset facility or extended warranty on a car loan.
    • The fees you will be charged.
      There are different types of fees you can be charged, ranging from establishment fees to monthly fees and early repayment fees. Find out what charges are associated with your loan before signing on the dotted line.

    Weighing up the benefits and drawbacks of applying for your first loan

    • Get access to funds. This is an obvious ‘pro’. Get access to the funds you want to make the purchase or investment you need.
    • Build up your credit history. Acquiring a loan allows you to establish and build your credit history. This ultimately affects your eligibility for other types of loans and access to better interest rates as well.
    • Limited loan amounts. If you have no or limited credit history you may only be eligible for a small loan, which may not be enough for what you need.
    • Risk of getting into debt. Taking on any loan comes with risk, so make sure to budget your repayments and don't apply for a higher loan amount than you can afford.

    Questions 18-year-olds may have about loans

    What do I need to apply for a loan?

    Lenders will have different application processes. Generally, you will need to provide a form of documentation, such as a driver's licence or proof of age card, some personal and contact details, information about where you work and your income and other financial details.

    How can I get the lowest rates?

    Compare the rates offered by different lenders and find the loan you are eligible for with the lowest rates. Remember to check the comparison rate as this includes fees and is more representative of the true cost of the loan.

    I applied for a loan but was rejected. How quickly can I apply for another one?

    Every application you make for any form of credit will appear on your credit file and affect your credit score. Applying for too many loans at once will not only negatively affect your credit score but be a red flag to lenders, who may reject you for further loans. You may want to wait to make another loan application, especially if you have limited to no credit history.

    Was this content helpful to you? No  Yes

    Related Posts

    HSBC Personal Loan

    A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

    Latitude Personal Loan (Secured)

    Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

    CUA Discount Variable Personal Loan (Loans over $30,000)

    Apply for a loan over $30,000 and enjoy a discounted interest rate

    SocietyOne Unsecured Personal Loan

    Interest rates for a 3 year loan range from 7.88% p.a. to 25.49% p.a. Comparison rate from 9.9% p.a. to 26.74% p.a. depending on your credit score

    Ask a Question

    You are about to post a question on finder.com.au

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com.au is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
    Rates and fees mentioned in comments are correct at the time of publication.
    By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

    6 Responses to Loans For 18 Year Olds

    1. Default Gravatar
      Brianna | October 11, 2016

      When can I maybe get the money if not the hole 5,000 then maybe 2,000

      • Staff
        Elizabeth | October 12, 2016

        Hi Brianna,

        If you’d like to apply for a loan you can find out about some of your options above. Your eligibility depends on your financial situation so check the eligibility criteria before you apply.

        Hope this helps,

        Elizabeth

    2. Default Gravatar
      Prateek | September 25, 2016

      How can i get a loan of $2000 at the age of 18.

      • Staff
        Elizabeth | September 26, 2016

        Hi Prateek,

        You can have a read of the guide on the page above to find out how may be able to be approved. You can also compare some of your loan options – make sure you read the eligibility criteria on the review pages to check you are eligible.

        Thanks,

        Elizabeth

      • Default Gravatar
        Chanice | December 2, 2016

        I am 18 can I get a loan

      • Staff
        Anndy | December 2, 2016

        Hi Chanice,

        Thanks for your questions.

        Yes, the lenders on this page may consider you for a loan if you are 18 years old. However, please note that other eligibility criteria apply.

        Please do click the name of the loan product you are interested in to know the requirements and criteria to apply.

        Cheers,
        Anndy

    Ask a question
    feedback