If you’re thinking about getting a business loan, you’ve come to the right place. To get a business loan from a formal lender, you must pass some eligibility criteria before you get your loan.
These eligibility criteria include your business sector, business vintage, annual business turnover, your credit history, your credit score, and your age. When you apply for a loan using CreditEnable’s technology platform, we check your eligibility based on the criteria of each of our 25+ lender partners.
Let’s find out what the age limit to get a business loan with one of CreditEnable’s lender partners is.
What is the age limit to get a business loan using CreditEnable?
When you apply for a business loan using CreditEnable’s technology platform, we first do an eligibility check. The eligibility criteria for age varies according to loan size and type, lender, your business profile, and your business vintage.
Some loan products are available to individuals who are at least 23 years old, while others may only be available to borrowers who are 25 or older. On the other hand, the maximum age cut-off is 65.
When you use our service to get a business loan, our award-winning lender matching algorithm will take all your information into account to determine if one of our lender partners will lend to your business. While age can be a barrier for some first-time borrowers, our algorithm may still find you a lender match if you meet all the other requirements.
For example, if you own a business with a vintage of more than 3 years, lenders may still lend to you despite your age, as your business has had enough time to stabilize.
In another situation, if you’ve taken a business loan before and have a history of paying your EMIs on time and maintaining a stable minimum bank account balance, lenders may be willing to lend to you despite your young age.
So, while our lender partners have basic criteria that apply to all borrowers, there have been exceptional cases where they lend to younger borrowers if they have a strong business profile with a good credit track record.
Use CreditEnable to check your business loan eligibility.
Can CreditEnable still help me even if I’m too young or too old?
If a borrower is over or above our lenders’ age limit, we may still be able to help you get the business loan you need with the help of a co-applicant.
Lenders take on considerable risk when lending to SMEs, and they need some guarantee that you will repay the borrowed amount within the agreed timeframe. So, lending to someone too young or old makes a business loan riskier for them.
To reduce this risk involved in lending to a 23-year-old who meets all the other eligibility criteria, the lender will ask a borrower to bring on a co-applicant to their loan application who is your blood relative. This can be your father, mother, or sibling but they must be in good credit standing and provide their KYC documents along with the application.
Similarly, if you are 65 or older, your co-applicant can be your son or daughter, a blood relative who is younger and involved in running your small business. This way, the lender knows will be continuity in your business ownership and operations and they will be more willing to lend to you.
Learn more about what it means to be a co-applicant.
CreditEnable Tip:
A co-applicant is different from a co-signer or a guarantor. The co-applicant is simply a secondary applicant on the business loan and can help get the primary borrower better loan terms if both applicants are in good credit standing.
How do I know if I qualify to get a business loan using CreditEnable?
CreditEnable’s vision is a world in which every SME gets access to affordable credit when they need it most. We do this using data analytics, credit insights, and our proprietary lender-matching algorithms.
The first step in getting a loan using CreditEnable’s free service is signing up on our platform. Once that is done, answer our short questionnaire, which helps us get to know your business, and then we do a soft pull of your Experian score.
We determine your business loan eligibility based on the information you share with us and your credit score (which should be at least 750 or more). If you’re eligible, we will ask you to share your business documents with us so that our AI technology can do a credit assessment and match you with the right lender partner who is most likely to lend to you!
CreditEnable Tips:
1. CreditEnable’s lender partners prefer to lend to businesses with a business vintage of at least 1 year.
2. Your vintage is how long your business has been operational and registered for.
3. You must provide proof of business vintage when you submit your supporting documents.
Start my business loan application now!
Business Loans. Enabled Simply.