It can often be a worry, when you are young, that you should not be taking on too much responsibility such as a loan. It might be that you are worried for yourself or that other people are worried for you. However, it is worth thinking yourself whether you feel you are old enough or not.

Rules for payday lending

Payday lenders have a few restrictions on who they can lend to. Firstly, all borrowers have to be over the age of eighteen and so if you are younger than this then you will be too young to have one. However, any other age has no official restrictions. There are a few other rules that might affect you though. You will need a bank account and although most people do have one, there are a few people that do not and therefore you will need to make sure that you are not one of those that do not. You will also need to have a regular income. This is because the lender will want to make sure that you have money coming in to repay the loan. They will want to ensure that there is an income and will set up a repayment amount by direct debit on the day that you get paid.

Capability of repaying

Whether you are old or young, it is important to make sure that you will be capable of repaying the loan. Although this is not something that your lender will check, you need to pay it on time or else there will be fees to pay, as there would with any other type of loan. It is really important to think about whether you will be able to manage. It can be easy to just assume that you will be okay, but it is sensible to work it out properly. Get some figures together and work out how much money you have coming in and how much you have to pay out and whether that will leave enough to repay the loan as well. It is likely that you will need to cut back spending on other things so that you can afford the loan. You will need to think about where spending is a priority and what things you can cut back on. It might even be the case that you will need to look for ways to earn more money in order to repay it. This could be in the form of some freelance work, selling some things you own to make cash or something else. There will be opportunities available, it will just be a case of finding one to suit you.


Often people do get worried about young people not being that responsible. However, if you have a plan in place to make sure that you will be able to repay the loan and you stick to it, then you will have the responsibility required. You will know whether you are likely to be able to do this or not. You will know if you can commit to something and stick to it or whether you are not very good at doing this. Although you may not have been in this specific situation before, it is likely that you will have been in previous situations where you had to take responsibility for things and you will know whether you stepped up to the mark or whether it was not successful. Look back at your previous record and think about whether you feel that you can trust yourself.

Credit record

it can be a concern, that a payday loan will have a negative effect on your credit record. However, loans have varying effects on credit scores, it will depend on you as well. If you repay the loan in full, it will demonstrate that you can be trusted to repay a loan and that should be a positive thing. Obviously, taking a payday loan, which does not have a credit check, could indicate that you are struggling to find a loan elsewhere and it might make lenders think that they should not lend to you. However, showing that you can repay it on time should show them that they can trust you. However, if you do not repay on time, this will not look good at all. It will make other lenders fear that the same will happen if they lend to you. This would happen with all loans though, not just payday loans.

So, there is not an age, once you are eighteen where you will be too young to take out a payday loan. It is more about whether you can cope with the loan. You will need to make sure that you can repay it and if you need to adjust your spending and earning in order to do this, you will need to take responsibility for that. Only you know for sure whether this is something that you will be able to do.

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