At 17 years old, many people look at a person as almost an adult. But when a 17 year old needs a loan, whether it is a cash loan, auto loan or other type of loan, they can quickly run into issues because of their age. In most cases, you must be 18 years old to enter into a legally binding contract, which is what a loan is. However, there are a few ways for someone to get a loan even if they are only 17.

Use a co-signer to increase you chance of approval. A co-signer is someone who signs for the loan and is responsible for the payments if you default on them. For a car loan, it can help to have a big down payment. For a bank loan, good credit will be a necessity on both parts.

Borrow from family members who may be willing to help out. This method may be difficult, as many people are wary of lending family members money, especially a 17 year old. However, if someone you know may help out with a loan, make it more official by writing up a legally binding contract, detailing when and how payments will be made on the loan. Having it notarised may help seal the deal.

Talk to your boss about getting a loan. This may work for those who have been employed for a while, especially if it is a relatively easy one to pay back. See about making arrangements to pay the loan back through your future paychecks, bit by bit. If your employer knows she can take it from your future paycheck, she may be more likely to allow you a loan.

Apply with a payday lender. However, this may be hard to do, as most companies only lend to borrowers who are 18 years old. If you have a lender in your local area, talk to the manager to see if you can still get a loan. You may also ask family or friends if they will apply for a payday loan themselves, give you the money, and allow you to repay the loan directly to them. Remember, a payday loan is a short-term loan which carries very high interest rates. Be sure to know what you are getting into before applying for one.


Holding a responsible job and maintaining the best credit score can help you get a loan, even if you are 17. Just remember, it may be a challenge finding a lender willing to work with someone who is not quite an adult.