Can a 16 year old apply for a loan?


The documentation or requirements to be fulfilled to grant the credit or loan may vary depending on the bank or financial institution where you apply for it, for these reasons we list the most common requirements when requesting a loan and the minimum and maximum age established by them.

Once you have complied with these requirements, you must give all the paperwork to your bank or financial institution to which you are applying, a physical or digital copy will facilitate the execution process. Don’t forget to have on hand some official documents such as identification (INE), curp, proof of address, etc.

Loans for 17 year olds

Banking institutions were born with the intention of facilitating certain economic activities to citizens, offering them security, protection and care of their resources. In addition, they offer

It is the set of assets, rights, obligations and debts that you own in your name. To understand objectively the importance of the concept of patrimony in terms of personal finances is

The investments resulting from the money saved through the implementation of a financial planning program pay off and help you achieve fixed goals. If savings has been part of your financial planning, it will help you achieve your goals.

The risks when borrowing are always present, you must learn to manage them in the following scenarios. Remember that together we can think of the best way to invest your savings.

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Loans allow you access to a larger amount of money than you have in savings, quick access to money when you need it for emergencies, or to take advantage of business opportunities. But how does this money

Maximum age for borrowing

Interested young people should go to the bank of their choice, since all entities in the system can access the subsidy and the support of the FNG. However, the differential interest rate, so far, is only managed by the Fondo Nacional del Ahorro (FNA).

The entity offers an interest rate of 6.8%, financing of up to 90% of the project and 10% of the down payment, and a reduction of 70 basis points (0.7%) compared to the current credit rate offered by the FNA to other Colombians.

Sources assured LR that Banco de Bogotá could be the next one to offer a preferential rate for loans under this program. The bank refrained from making any statement as the decision is not official.

Banco Agrario launched a young credit line for agricultural and agro-industrial projectsBanco Agrario joined the National Government’s initiative and launched ‘Crédito Joven’, a line divided into two areas for entrepreneurial projects.

Up to what age do banks lend in Colombia?

Unlike other types of loans, loans for young people are usually for a specific predefined purpose. These loans have been made on the basis of conscientious studies on what are the desires and needs of the youngest and at what point the monetary issue is an obstacle for them.

Loans for young people share the characteristics of any other type of loan, although the conditions may be more flexible or adapted. This will be the procedure for approaching the youth loan:

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▶ If they ask us for some kind of payment guarantee, such as a pledge guarantee and collate this information in order to elucidate whether or not we are eligible to access the credit. Sometimes they give the possibility of having a joint and several co-signer who will answer to us in case of non-payment, a guarantor to back us up.

The repayment terms, where we will have to be realistic and know how much we will be able to repay in each installment and how long our repayment will be extended. It is important not to extend the loan too much in order not to pay too much interest.

Can a 16 year old apply for a loan?
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