It's possible to get a personal loan if you're 18 years old and have limited credit history. However, your options are more limited compared to people who have a more established credit history, higher income and more savings.
How big of a loan can you take out at 18?
The maximum amount you can borrow depends on factors including whether they're federal or private loans and your year in school. Undergraduates can borrow up to $12,500 annually and $57,500 total in federal student loans. Graduate students can borrow up to $20,500 annually and $138,500 total.
Can you pull out a loan at 18?
18-year-olds with no cosigner or parental support qualify for the most substantial federal student loan amount. Parents do not have to act as guarantors as they would with private banks. The government logic works in reverse. The limit grows when you do not receive financial support from a parent.May 5, 2021