California  |  Banking Law

Legal Question

Asked on: 8/19/13, 12:23 am

In the state of california can a 15 year old get a loan

1 Answer

Answered on: 8/21/13, 7:40 pm by Robert F. Cohen

A 15-year old is a minor and lacks legal capacity to enter into a contract. Any contract entered into by a minor is voidable at the minor's (or the minor's parents') discretion. If a parent or other adult cosigns for the loan, then it can happen if qualified. Because of the uncertainty of the possibility of a minor voiding such a contract, it might be difficult to convince the lender to agree to the deal.

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