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    Maneet Anand

    Qualifying for a loan can be tough when you’re 18 years old and haven’t established an extensive work or credit history.

    However, just because you don’t have a credit score doesn’t mean you aren’t a good credit risk. Simply paying your cell-phone bill on time could be enough to get a lender to take a second look.

    But, I wonder how huge you mean by huge personal loan, as getting a personal loan at this age entirely depends on your purpose of the loan, your income (if any), your ability in getting a creditworthy consignor, your choice of collateral and your credit history.

    Now, assuming you are a student seeking a huge personal loan for the purpose of education or business, and have a worthy collateral to back it up, along with a consignor, then most banks will easily lend to you.

    However, in case you don't have the collateral to back up the huge amount of personal loan here, then these banks will not consider you worthy enough to lend.

    Hence, it depends on your personal scenario- since personal loan is a secured loan, you need to back it up with a valid security or asset.

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