Loans to young people in Norway today
You are not alone. It can be difficult to enter the housing market for the first time. Although most banks have an age limit of as much as 23 or 25 years, there are still a few banks willing to lend to a 20 year old. The reason why banks have this age limit is simple. Many young people find it easy to waste money and do not have as high a sense of responsibility as an adult.
Are you young and looking for a loan?
In order to get a loan as a young person, you must fulfill the requirements of the banks. First, you should have good, solid income. One rule of thumb is that you must have over $ 150,000 in annual income. Preferably from a company that can give you a future and maybe even the opportunity to climb the career ladder.
You cannot have payment notes or active collection cases on you if you are going to apply for a loan. Very few banks will grant loans to a person with payment problems, regardless of whether that person has a fixed income.
The advantage of applying for a loan today is that the competition that is in this industry can favor you as a loan applicant. Competition for new customers is great, which is why several banks can offer very good deals. You should spend some time investigating which bank gives you the best terms, it will only pay off for you.
Even if you are only 20 years old
Then it is quite possible that you get a loan. It assumes that you meet the requirements banks set. Since you are below the age limit of many of the banks, it may be best to arrange a meeting with those in the bank, rather than searching the internet.
If you are offered a loan, you should still think carefully. Are you sure you can manage a loan? You should take a deep dive into your finances to make sure you can actually afford this. It is very important that you are able to repay the loan without receiving payment notes. If you get it, you will have trouble getting a loan later in life.