How to get credit at 18
What is the process of loan signing?
One of the challenges of obtaining a loan at 18 pertains to nonexistent credit. For example, at 18, an individual does not typically have a credit history, according to About.com. Without a credit history, lenders do not have an indication of how the individual handles finances or repays obligations. To obtain a loan at 18, it may be necessary to ask a family member or friend with an established credit history to co-sign. A co-signer guarantees the loan and is ultimately responsible for repayment if the primary signee does not meet the financial obligation.
Why do you need to give your pay stub when applying for a loan?
Lenders typically require pay stubs with a loan application to ensure that the applicant has the income to pay off the loan. All the applicant's pay stubs from the
last two to three months are normally required, as of February 2015.
Where can you get Wonga cash loans?
Wonga cash loans can be obtained from anywhere as long as the applicant meets the requirements to apply because the loan application is completed online and money is deposited directly into a bank account. Wonga is a U.K.-based company. and people who are interested in obtaining a cash loan from Wonga must be U.K. residents.
What is a loan agreement?
A loan agreement is a document that binds a borrower to a lender, whereby the borrower accepts to pay back the money in compliance with stated terms. The document is a compilation of various promises made by the involved parties. The agreement usually protects the lender, as it is a legal document that expects the borrower to adhere to the terms and conditions.
How do you discharge a loan?Source: www.ask.com