Skip to main content
FI EN
Compare loans
FI EN

Loan for young adults – the first consumer loan

Applying for your first consumer loan at 18–25 is a kind of interim stage – you may not yet have much credit history. Here is how to apply responsibly.

See options

A young adult (18–25) typically applies for their first consumer loan during studies or at the start of their working life. Although 18-year-olds have a legal right to apply, lenders' practices vary – some require a higher minimum age (20 or 25), income history, or other credit records.

Conditions for young adults

  • At least 18 years of age (some lenders 20 or 25)
  • Regular income (salary, unemployment benefit, grant, student aid + salary)
  • Clean credit record
  • Finnish personal identity code and bank credentials
  • Some lenders require minimum income of 1,000–1,500 €/month

Suitable alternatives

Small consumer loan

A small amount (500 – 3,000 €) with a short repayment period is suitable for the first loan. This builds your credit history.

Car loan

For buying your first car – a secured car loan is cheaper than an unsecured consumer loan.

Student loan

If you are still studying, the student loan is almost always a cheaper and better option than a consumer loan.

Joint loan with a partner

If you take a joint loan with a partner who has a better income level, you get better terms.

Remember these as a young adult

  • Start with a small amount and build a credit history – ten years of good history will help you get cheaper loans in the future
  • Always compare several lenders – the first offer is often not the best
  • Avoid instant loans – their rates are the maximum allowed and build bad habits
  • Build a savings buffer (1–3 months of expenses) so you do not need a loan for unexpected costs
  • Study financial skills: budgeting, saving, investing

Lenders suited to you

Creditstar

Fast
Loan amount
100 € – 15 000 €
Rate from
14,9 %
Loan period
1 kk – 6 v
Apply with Creditstar Read Creditstar review

Ferratum

Well-known
Loan amount
100 € – 20 000 €
Rate from
17,5 %
Loan period
1 kk – 6 v
Apply with Ferratum Read Ferratum review

Instabank

Flexible
Loan amount
500 € – 50 000 €
Rate from
15,9 %
Loan period
6 kk – 15 v
Apply with Instabank Read Instabank review

Northmill

Flex Credit
Loan amount
100 € – 5 000 €
Rate from
17,4 %
Loan period
1 kk – 5 v
Apply with Northmill Read Northmill review

Frequently asked questions

Can I get a loan at 18?

Yes, legally everyone 18+ can apply. In practice some lenders require a higher minimum age (20 or 25) and income history – compare different options.

Do young adults have higher interest rates?

Usually yes. Without accumulated credit history the lender's risk is higher, which appears as a slightly higher rate. This improves once positive payment history begins to show.

Is it worth taking a joint loan with parents?

Only if the parents genuinely want it and you feel it is balanced. A joint loan makes both parties liable – if you cannot pay, the parents pay.

Does the first loan build a positive credit record?

Yes. The positive credit register introduced from April 2026 shows payment behaviour. Paying every monthly instalment on time builds good history.

Ready to compare loans?

Find the lender best suited to you in one place.

Start comparing