Loans for 19-Year-Olds for April 2024

Get a loan for 19-year-olds at one of the lenders verified by our specialists. On 24.04.2024 there are 3 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 3
Best Quick Loan Today 24.04.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
up to $10.000
Get Your FREE Quote Today!
Get Your FREE Quote Today!

Take advantage of our loan selection system with a free credit check!

Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product

up to 46.96%

Loan term for the financial product

up to 60 months
Coast Capital Savings
Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product


Loan term for the financial product

60 months
Royal Bank of Canada
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Royal Bank of Canada
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Royal Bank of Canada
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.

Securing a loan at the age of 19 can be challenging, especially for individuals with limited credit history and financial independence. Seeking a loan from a traditional lender like a bank or credit union often leads to rejection, because they rely on an applicant's credit score and financial track record, which may be scant for young borrowers. In today's evolving financial landscape, there are alternative options available for 19-year-olds seeking financial assistance.

One viable option for young individuals without an established credit history is to explore online lenders. These lenders employ advanced analytics beyond traditional credit scores, considering factors such as income and employment status to assess the borrower's ability to repay. Applying for such loans is a streamlined process, typically completed online within minutes, making it an accessible option for young borrowers looking to meet their financial needs.


  1. No Credit Check Requirement. Many online lenders offering unsecured personal loan options for 19-year-olds understand the limited credit history of young borrowers. These bad credit loans often do not require a traditional credit check, making them more accessible to individuals with no credit or a thin credit file.

  2. Online Application and Approval. The application process for personal loans is designed to be user-friendly and can be completed entirely online. This feature caters to the digital preferences of younger generations, providing convenience and efficiency in the loan application process.

  3. Quick Approval and Disbursement. Online lenders prioritize quick approval and disbursement of funds. 19-year-olds can often expect approval within hours and, in some cases, see the loan amount deposited into their bank accounts on the same day, providing prompt financial assistance when needed.

  4. Transparent Terms and Conditions. Reputable lenders ensure transparency in their terms and conditions. Young borrowers should be able to clearly understand the terms of the loan, including interest rates, repayment schedules, and any applicable fees before committing to the loan agreement.

Pros and Cons


Accessibility. Personal loans for 19-year-olds are often more accessible than traditional loans, with online lenders considering factors beyond credit scores, such as income and employment status.

Flexible Repayment. These loans typically offer flexible repayment terms, allowing young borrowers to make manageable, equal payments over an extended period, and promoting responsible financial habits.

Credit Building Opportunities. Making timely payments on personal loans can positively impact the credit history of 19-year-olds, helping them establish and build their credit profiles for future financial endeavors.


Higher Interest Rates than Secured Loans. Personal loans, especially for individuals with limited credit history, may come with higher interest rates compared to loans secured by collateral, potentially increasing the overall cost of borrowing.

Risk of Missed Payments. While personal loans offer flexibility, young borrowers need to ensure timely payments. Missing payments can negatively impact their credit history and, if a co-signer is involved, the co-signer's credit as well.

Limited Loan Amounts. Due to the absence of an established credit history, 19-year-olds may be approved for lower loan amounts initially. This limitation can impact their ability to meet larger financial needs.

How to Get a Loan as a 19-Year-Old

Apply for a Loan

  1. Check Eligibility Criteria. Ensure you meet the age requirements for loan eligibility. The age of majority varies by province or territory, but the age above 18 years is generally accepted Canada-wide. Verify the minimum income and other criteria set by lenders. Some lenders may require a minimum monthly income for loan approval.

  2. Understand Your Credit Situation. Obtain a free copy of your credit report to understand your credit history, even if it's limited. Some lenders specialize in loans for individuals with no credit.

  3. Research Lenders. Explore reputable online lenders that cater to young borrowers or those with limited credit history. Compare interest rates, loan terms, and customer reviews to make an informed decision.

  4. Prepare Necessary Documents. Gather essential documents such as proof of identity, proof of income (pay stubs or bank statements), and any additional documentation the lender may require.

  5. Consider a Co-Signer. If your income or credit history is insufficient, consider adding a co-signer with a good credit history to your loan application. This can increase your chances of approval and may result in more favorable loan terms.

  6. Calculate Loan Amount and Repayment Capacity. Determine the amount you need to borrow and assess your ability to make monthly payments comfortably. Use online loan calculators to estimate monthly payments based on interest rates and terms.

  7. Review Loan Terms. Carefully review the terms and conditions of the loan before accepting any offer. Pay attention to interest rates, repayment terms, and any associated fees.

  8. Provide Additional Information if Required. Some lenders may request additional information or documentation. Promptly provide any requested details to expedite the loan approval process.

  9. Accept the Loan Offer. If satisfied with the terms, accept the loan offer. Keep a copy of the loan agreement for your records.


  1. Proof of Identity. Lenders typically require valid identification documents such as a driver's license, passport, or provincial ID to verify the borrower's identity.

  2. Income Verification. Borrowers need to provide proof of income, which may include recent pay stubs, bank statements, or other documents confirming a stable income. Some lenders have minimum income requirements.

  3. Credit History Check. While some lenders specialize in loans for those with no credit history, others may conduct a credit check. Borrowers should be prepared to have their credit history examined, even if it's limited.

  4. Co-Signer (Optional). If the borrower's credit or income is insufficient, some lenders may allow the inclusion of a co-signer with a good credit history. The co-signer assumes responsibility if the borrower defaults.

  5. Bank Account. A valid and active bank account is often required for loan disbursement and automatic monthly payments.


  1. Interest Rates. Lenders specify the interest rates associated with the personal loan. Rates can vary based on factors such as credit history, income, and the amount borrowed.

  2. Loan Terms. The loan term outlines the duration over which the borrower is expected to repay the loan. Personal loans typically offer terms ranging from a few months to several years.

  3. Loan Amounts. Lenders indicate the maximum and minimum loan amounts they are willing to offer. The amount approved may depend on the borrower's financial situation, creditworthiness, and other factors.

  4. Fees and Charges. Borrowers should be aware of any fees or charges associated with the loan. Common fees include origination fees, late payment fees, and prepayment penalties. Transparent lenders provide clear information on all associated costs.

  5. Repayment Schedule. Lenders specify the repayment schedule, including the frequency of payments (monthly, bi-monthly) and the due dates. Borrowers must adhere to this schedule to avoid late fees or penalties.

  6. Early Repayment Options. Some lenders allow borrowers to repay the loan early without incurring prepayment penalties. Borrowers should check for this option if they anticipate the ability to repay the loan ahead of schedule.

  7. Privacy and Security. Lenders should outline their privacy and security measures to protect borrowers' personal and financial information during the application process and throughout the loan term.

Best Places to Get a Loan as a 19-Year-Old

  1. Loan Express operates as an online payday lender, providing no-credit-check payday loans. The platform offers 24/7 application accessibility with the perk of same-day funding, and some government benefits are considered eligible income. The APR varies by province, and borrowers can avail themselves of loan amounts ranging from $100 to $1,500 with a maximum loan term of up to 62 days.

  2. Mr. Payday specializes in fast online payday loans with a distinctive feature of no credit checks. The platform ensures quick approvals within 30 minutes, and loans are conveniently sent through email money transfer. The APR varies by province, and borrowers can access loan amounts ranging from $100 to $1,500 with a maximum loan term of up to 62 days. Mr. Payday services several provinces, including AB, BC, and ON. Eligibility criteria include being at least 19 years old, holding Canadian citizenship or permanent residency, maintaining an active chequing account, having a stable job or receiving specific benefits, and having a net income over $1,100 per month, along with an active phone number.

  3. DMO Credit positions itself as a favorable choice for borrowers valuing speed and flexibility. The platform stands out for its absence of credit checks and provision of same-day funding, ensuring immediate accessibility. DMO Credit serves clients across eight Canadian provinces and territories and offers perks and discounts, enhancing its appeal as a comprehensive lending option. Pros include a simplified application process with no credit checks and the availability of same-day funding. DMO Credit caters to borrowers seeking immediate financial relief with a broad regional reach.

  4. Easyfinancial serves as a bridge for borrowers facing challenges due to a lack of credit history. The platform facilitates same-day funding, providing swift financial relief for urgent needs. While the APR range leans towards the higher side, easyfinancial compensates with perks such as autopay and loyalty discounts. The platform offers a flexible loan term spanning from 9 to 120 months, coupled with the advantage of no prepayment penalties. Borrowers benefit from the freedom to repay loans at their preferred pace, making easyfinancial a viable option for those seeking financial flexibility.

Things to Pay Attention to

  1. Loan Terms. Review the loan terms carefully, including the duration of the loan and the frequency of repayments. Ensure that the terms align with your financial situation and that you can comfortably meet the repayment schedule.

  2. Interest Rates. Understand the interest rates associated with the loan. Compare rates from different lenders to secure the most favorable terms. Low-interest personal loans are hard to find if you have limited credit history and the interest rate associated with unsecured loans can significantly impact the overall cost of borrowing.

  3. Repayment Schedule. Understand the repayment schedule, including due dates and the consequences of late payments. Some lenders may offer flexibility in adjusting the repayment dates to align with your pay schedule.

  4. Conditions for Approval. Pay attention to the eligibility criteria set by the lender. This may include minimum income requirements, credit score thresholds, and other conditions for loan approval. Ensure you meet these criteria before applying.

  5. Early Repayment Options. Check whether the lender allows early repayment without incurring penalties. Having the flexibility to pay off the loan ahead of schedule can save you money on interest.

  6. Co-Signer Considerations. If considering a co-signer, choose someone with a good credit history who understands the responsibilities involved. Any missed payments will not only impact your credit but theirs as well.

  7. Privacy and Security Measures. Verify the privacy and security measures implemented by the lender to safeguard your personal and financial information. Ensure that the online application process is secure and that your data is protected.

  8. Alternative Lenders. Explore alternative lenders beyond traditional banks and credit unions. Online lenders may offer more accessible options for young borrowers with no credit or limited credit history.

  9. Customer Reviews. Read customer reviews and testimonials to gauge the experiences of others with the lender. This can provide insights into the lender's reputation and customer service.

How to Repay a Personal Loan

  1. Review Loan Agreement. Begin by thoroughly reviewing your loan agreement. Understand the repayment terms, including the monthly payment amount, due date, interest rate, and any other relevant conditions.

  2. Set Up Automatic Payments. Consider setting up automatic payments through your bank or the lender's online portal. Automatic payments ensure that you never miss a due date, helping you avoid late fees and maintaining a positive credit history.

  3. Create a Budget. Develop a budget that accounts for your monthly loan payment. Ensure that you allocate enough funds to cover the repayment without compromising other essential expenses.

  4. Understand Repayment Schedule. Familiarize yourself with the repayment schedule. Determine whether payments are due monthly, bi-monthly, or according to another frequency specified in the loan agreement.

  5. Prevent Late Payments. Stay proactive to prevent late payments. Set reminders for due dates or enable alerts through your banking app to ensure you make payments on time. Late payments can result in fees and negatively impact your credit score.

  6. Explore Early Repayment. Check if your lender allows for early repayment without penalties. If you have the means to pay off the loan before the scheduled end date, doing so can save you money on interest.

  7. Monitor Your Bank Account. Keep a close eye on your bank account to ensure that there are sufficient funds available for loan payments. Insufficient funds may result in overdraft fees.

  8. Contact Lender for Assistance. If you encounter financial difficulties and anticipate challenges in making payments, contact your lender immediately. Some lenders may offer flexibility or alternative repayment arrangements.

  9. Keep Records of Payments. Maintain detailed records of all loan payments. This includes payment confirmation emails, bank statements, or any other documentation provided by the lender. These records can be useful for reference and dispute resolution if needed.

  10. Complete Repayment. Once you've made all scheduled payments and fulfilled the terms of the loan agreement, celebrate the successful repayment. Consider reaching out to the lender to confirm that all obligations have been met.

Reasons for Getting Rejected for a Loan

  1. Insufficient Income. Lenders evaluate your income to ensure you have the financial capacity to repay the loan. If your income is below the minimum required by the lender, it may result in rejection. Some lenders have specific income thresholds for loan eligibility.

  2. High Debt-to-Income Ratio. Lenders consider your debt-to-income ratio, which is the ratio of your monthly debt payments to your monthly income. A high ratio indicates that a significant portion of your income is already committed to debt repayment, making it riskier for the lender to extend additional credit.

  3. Unstable Employment History. Unstable employment, frequent job changes, or gaps in employment may raise concerns for lenders. They prefer applicants with a stable and consistent income source, reducing the risk of default.

  4. Recent Late Payments or Defaults. Recent late payments on credit accounts or a history of defaults on loans can significantly impact your creditworthiness. Lenders may view such behavior as a sign of financial instability, leading to rejection.

  5. Errors on Credit Report. Inaccuracies or errors on your credit report can negatively impact your credit score. It's essential to regularly check your credit report and dispute any inaccuracies to ensure a fair evaluation by lenders.

  6. Excessive Recent Credit Inquiries. Multiple recent applications for credit within a short period can raise concerns for lenders. It may suggest financial distress or a high reliance on credit, potentially leading to rejection.


  1. Credit cards are financial instruments that allow users to borrow funds up to a predetermined credit limit. Cardholders can make purchases or withdraw cash, with the understanding that they will repay the borrowed amount, typically every month. Credit cards offer convenience and flexibility, and users can choose to pay the full balance or make minimum payments, though interest accrues on the remaining balance. The revolving nature of credit cards enables users to continuously borrow money as long as they stay within the credit limit, making it a versatile tool for managing expenses and building credit.

  2. Credit union loans are financial products offered by member-owned and cooperative financial institutions known as credit unions. These loans can include various types, such as personal loans, auto loans, or mortgages. Credit unions often provide competitive interest rates and favorable terms to their members, as they operate on a not-for-profit basis. To access credit union loans, individuals usually need to become members of the credit union, and eligibility may be based on factors like geographic location, employment, or affiliation with specific groups.

  3. Peer-to-peer (P2P) lending, also known as crowdfunding or marketplace lending, is a financial model that connects borrowers directly with individual lenders through online platforms. In P2P lending, individuals or small businesses seeking loans are matched with investors willing to lend money. This bypasses traditional financial institutions, allowing for more personalized lending terms and potentially lower interest rates. The online platforms facilitate the loan application, approval, and repayment processes, creating a decentralized lending environment that benefits both borrowers and lenders.

  4. Title loans are short-term, high-interest loans that use a borrower's vehicle title as collateral. To obtain a title loan, the borrower must own a vehicle outright, and the lender places a lien on the title until the loan is repaid. The loan amount is typically a percentage of the vehicle's appraised value. Title loans are known for their accessibility but come with significant risks, as failure to repay can result in the loss of the borrower's vehicle. These loans often have high interest rates and may target individuals with poor credit or financial difficulties, making it crucial for borrowers to carefully consider the potential consequences before entering into such arrangements.

Editorial Opinion

Loans for 19-year-olds can be a double-edged financial tool, offering both opportunities and risks. On the positive side, these loans can provide young individuals with the means to cover essential expenses, establish a credit history, and navigate unexpected financial challenges. Responsible borrowing and timely repayments can contribute positively to their credit profiles. 19-year-olds must approach loans with caution, considering the potential pitfalls such as high-interest rates, fees, and the risk of accumulating debt.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.


How to get a loan with no credit and no cosigner?

Securing a loan with no credit history and no cosigner can be challenging but not impossible.

Look for lenders that specialize in loans for individuals with no credit or consider alternative options like online lenders. Some may use alternative data such as income and employment status to assess your eligibility, offering bad credit loan options. Exploring secured loans, where you provide collateral, may also increase your chances.

Additionally, building a positive banking history and starting with a small loan amount can establish a credit track record over time, improving your future borrowing prospects.

Is it legal for a 19-year-old to get a loan in Canada?

Yes, it is legal for a 19-year-old to get a loan in Canada. The age of majority varies by province or territory, and in most regions, individuals attain legal adulthood at age 18 or 19.

The provinces and territories in Canada where the age of majority is 19 include British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, and Yukon.

What is the easiest loan to get as a 19-year-old?

The easiest loan to get as a 19-year-old may vary based on your specific financial situation.

Online lenders that specialize in loans for individuals with no credit or limited credit history could be a viable option. Personal loans from these lenders often have a streamlined application process and may consider factors beyond traditional credit scores.

It's essential to carefully compare interest rates, terms, and fees to ensure you choose a loan that aligns with your needs and financial goals.

Loan Terms