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Can a minor take out a loan if their parent cosigns and if so is the cosigner financially responsible for the signer?

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2005-11-15 20:19:05
2005-11-15 20:19:05

Yes, your parents can cosign for a loan and if you are smart keep up the payments on that loan as it will give you a good and early credit record. If you don't keep up the payments it's a lousy thing to do to your parents, and they will be stuck paying that loan. Marcy

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Related Questions


The cosigner is responsible for the loan and payments if the signer does not pay or keep up the payments. Your credit rating can be affected.

well, actually parents are responsible financially till they graduate from collage, but if the drop out from school just till they turn 18.

From what I understand any credit activities on a minor's name is illegal. You must be 18 to establish credit.

Yes. A parent is financially responsible up until a child turns 21.

Yes, as long as the cosigner is a legal gardian or a parent.

No, only the biological or legal adoptive parent is financially responsible for the care of their minor child/children.

Unless there is a court order stating the parent is responsible for child support past the age of 18, then no.

If a minor is legally emancipated it is assumed that they have no more connection with the parent, and that the parent is no longer financially responsible. Therefore, the child is held responsible for bills.

Presumably the 18-year-old themselves; at that age, you are considered an adult (in most countries) and thus responsible for your own life.

None. When a minor is granted emancipation he or she becomes a legal adult and the parents are no longer financially or legally responsible.

You have to reach the age of majority. In most places that means you have to be at least 18 years of age. Until then, your parents are responsible for you financially.

Not unless they signed taking that responsibility on. The estate has to resolve the issue.

The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.The biological parent is legally responsible for paying child support. A step parent is not legally responsible for paying child support.

Is a step parent responsible for a disabled child

Yes because the law for both states say that your parents are responsible for you until the age of 21 even if you have moved out, relocated, and fund yourself.

Yes, of course your cosingers signature means something. It means that there is no way for to have been approved for what you applied for without their good credit to back you. It also means ,God knows I hope your cosigner has some sense, that your cosigner is 100% responsible for any default of restitution on your part. The cosigner is essentally applying for the very same thing you are--for you--on your behalf almost. Be good to your friend, parent, whoever has helped you and repay your loan on time.Happy holidays.

Yes. They are still the child's parent and responsible for supporting their child.

No, they have to be financially able to support themselves and the child though.

No. You are still considered a minor and cannot sign on the dotted line of a legal binding contract. Thus you will have to have a parent/guardian to sign and be financially responsible.

18. Thats when the child is a legal adult and can make their own decisions finacnially and can buy/rent a house or apartment at 18 as well.

Not if the child is a legal minor. However, under certain extenuating circumstances, it is conceivable that a court MIGHT order an adult child to assume legal guardianship over a parent. OR - if the parent awarded the adult child their POA, then the child WOULD become responsible for caring for the parents needs including the payment of their bills and obligations (albeit, usually utilizing the parent's own money).

Both parents are. The parent who does not have residential custody usually pay child support to the one who has residential custody to be used to pay for the child. Both have to pay for their child.

A minor cannot legally enter into any financial contracts. However, going under the assumption that such a transaction were made; the co-signer would be responsible for all charges incurred if the the account was not paid according to the terms agreed upon.

Yes, of course. That is the purpose of paying child support: to help the custodial parent pay the costs associated with raising the child. Both parents are responsible for supporting a child and the non-custodial parent must support the child financially.


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