How to Get a Loan at 16

Bank.

A 16-year-old is considered to be a minor, and for that reason is not eligible to receive a loan from a bank unless he or she has a cosigner. A cosigner is any person 18 years old or older, typically a parent or legal guardian, who is willing to except responsibility for a minor seeking a loan. If the minor does not fulfill the loan payments, the cosigner will be held accountable.

Instructions

1. Ask your parents or guardian if they will cosign for you.

2. Go to your bank or credit union with your cosigner and tell the bank teller that you would like to apply for a loan.

3. Fill out the necessary paperwork given to you by the bank and explain to them why you are seeking a loan.

References

• Bankrate: The basics of co-signing a loan