Young people are extremely vulnerable in the job market. They are less frequently hired because of their lack of experience, but when given the opportunity they are mostly given a fixed-term contract. The employment office is mostly filled by young people up to 30 years of age, ie those who have not yet gone belly for bread in one of the more popular countries such as Germany, Canada and Ireland.
The wave of emigration has been shaking Croatia for several years, and the situation is getting worse every day. It is estimated that more than 250,000 people have emigrated, most of them young people. Hoping to keep them, the government has launched a special subsidy for youth loans. These are home loans that allow young families to buy their first real estate, while at the same time wanting to keep them in the country. Subsidies were limited in number, which meant that not everyone who wanted them could get them.
Loans for Young Students
In addition to trying to address the housing issue, a large proportion of young people invest in their education. For some of them, parents are not able to cover everything they need, so they take out loans for youth intended for schooling. Such loans are most often subsidized by local communities, with the hope that young people will return to their place after graduation. They aim to facilitate their studies and retain their workforce.
Those who did not get them had to resort to youth loans. These types of loans are offered by banks that allow young people to solve their housing problem with a longer repayment period or more favorable interest rates. Even in their offer they have credits for specific professions such as managers, seafarers and doctors.
Quick loans for young people
The advantage of the younger population is that it is more computer literate than its older counterparts. They do most of their banking on the internet and in fact make up the majority of the third of Croats who use internet banking. They live an accelerated lifestyle and are used to dealing with their financial situations quickly and easily, which involves minimal effort and even less paperwork. Quick loans for young people offered by credit houses are intended for those who do not have time to wait in the branches and want to borrow money without having to leave their home. These are non-certified loans and loans at the company that are approved within 15 minutes of successful application.
These are non-cash cash loans that are often used to patch up budgets in the case of unplanned expenses such as weddings, covering school or travel expenses. In addition, a large proportion of them also invest in technology gadgets such as new tablets, smartphones and computers. Most often, these are smaller amounts of money that can be returned as quickly as they are borrowed.
Youth Loans – Bank or Credit House?
Banks have stricter lending requirements and require a lot of paperwork before granting it. They check the creditworthiness of prospective clients and rely on HROK reports, while credit companies monitor the financial soundness of clients. The most important thing for them is that the client has regular income and regularly settles their debts.
Lending companies are more flexible and have moved their business to the internet as much as possible for young people, while banks still keep part of their business exclusively in branch offices. And this seems outdated for young people and they prefer to turn to an online business through which they can apply for youth loans in just a few mouse clicks. They can now spend their spare time otherwise collecting paperwork on something more useful.