Quizzes & Puzzles30 mins ago
Credit for under 18's
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It is perfectly legal for under 18's to take out loans or credit cards as long as an adult acts as a guarantor incase they cannot keep up the re-payments. So does anybody know of a bank or agency which offers credit cards to under 18's based on this ?
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No best answer has yet been selected by jridgeback. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.Not strictly true - a person under 18 can take out credit themselves without a guarantor under the 'necessities' ruling.
I work in the finance industry and we recently wrote an agreemetn (hire purchase) to a 17 year old with her mother as joint borrower.
I asked at the time why we didn't advertise the fact that we could do credit to 17 year olds - said it wasn't commercially viable and not worth the hassle
So in answer to your question, although it may be legal, no lender wawnts the hassle.