Can a minor get a loan if he/she has property to back up the loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a minor get a loan if he/she has property to back up the loan?
Asked on August 25, 2011 Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
No, generally not. A loan agreement is a contract between a borrower (you) and a lender (a bank or some other financial institution) to lend and pay back with certain conditions (interest, etc.). Minors do not have the "capacity" under the law to enter in to a binding contract. There are some exceptions to that general rule but I highly doubt that any lending institution would consider taking the risk and entering in to a contract that could be rendered void and lose the money then give you. Even if you have property to secure the loan they could not attach it if they have no legal basis - a valid contract. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.