To acquire a loan at 18 years of age, individuals should contact a lender, provide proof of income, complete a loan application, and submit a record of expenses to the financial institution. Proof of age may also be required by certain lenders, according to About.com.
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.
To obtain a loan with or without a co-signer, an 18-year-old must reside in a state that has established 18 as the age of an adult. As of 2014, all states except Alabama and Nebraska consider 18-year-olds eligible for loans, according to One Main Financial. During the loan application process, individuals must show that they have the ability to make monthly payments and show the need for the loan.