How young people can borrow money in New Zealand? Are you a Kiwi living in New Zealand and you need to borrow money? If so, you may be interested to know that it is very easy for young people (aged between 18 and 25) to get a loan in New Zealand.

Loans for 18 year olds

Here is a list of options available for 18 year olds

  • Borrow from family or friends (ask first if they can help)
  • Borrow from a bank (this may be harder than you think)
  • Get a secured loan (you give the bank something worth more than the loan you want to get)
  • Get an unsecured loan (you agree to repay the bank whatever you spend)
  • Go to a credit union
  • Go to a finance company (not all companies that offer loans are regulated by the Financial Markets Authority)

Social loans programs for young people

Apply to the Ministry of Social Development for their YouthBuild program (they will lend to you if you qualify) Apply to the Ministry of Health for their Healthy Youth Healthy Minds (HYHM) program (they will lend to you if you qualify) If you are thinking about getting a loan, you should know there are some requirements you need to meet. First, you must be at least 18 years old. This is an easy requirement to meet. Next, you must have a genuine need for money.

If you don't, then you shouldn't be borrowing money. Consider this: Would you go to a car dealer and say "I'd like to buy a car" if you didn't really need a car? Of course not. So don't ask for a loan if you don't need it. You should also consider how creditworthy you would be if you defaulted on a loan.

How you can earn money in 18 years old (rather than loan)?

There are lots of ways you can make money in New Zealand without going to college. In fact, many people choose this route.

Here are a few ideas:

  • Work part-time (under 18's are allowed to work full-time)
  • Do odd jobs around the house for families with young children
  • Sell stuff on eBay (there are plenty of 18 year olds who love to do this)
  • Volunteer (many families need help with things like school fetes and sporting events)
  • Start a business (this is especially good if you have something you are particularly passionate about -- like playing music or drawing)
  • Work at a fast food place (you'll get paid under the table)
  • Write letters (most 18 year olds enjoy doing this -- it's easy, cheap, and flexible)
  • Organise an garage sale (you can use sites like Craigslist to find items to sell)
  • I could go on and on. The possibilities are endless....
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