Loan at 17?

[ljbaron 10+ year member]

My buddy is under age (17). He just started a new job, hasn't even gotten a pay check yet. Hes wondering if your able to get around a 15K loan under age. He knows he will have to have a co-signer, his parents are willing to co-sign for him so thats not really a problem. But even with him just starting work and with a loan that large, do you think they will give it to him?

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[benchambers80]

He would be ****ing retarded to go into debt at that age.

 

[revrider1 5,000+ posts]

Serious, what a way to get in debt so early in life...

 

[craigzter 10+ year member]

thats the worst financial mistake any "young" person could make.

 

[60ndown 10+ year member]

live now pay later.

why save for 3 years and then die the day b4 you can afford it?

 

[its_bacon12 10+ year member]

ya buddys an idiot. dont do it

 

[ljbaron 10+ year member]

Thats what I told him but hes pretty prodominant on getting this loan.

 

[Lingerfelt 10+ year member]

$15K loan and he JUST started working? Lol.

 

[revrider1 5,000+ posts]

Well, I learned the hard way also. I was in debt by about 12k by the age of 21yrs. Im 28yrs now and just trying to get over it.

 

[ljbaron 10+ year member]

On another note he does have a high paying job for such a young person.

 

[ljbaron 10+ year member]

$15K loan and he JUST started working? Lol.

He had another job in the past.

 

[boltpride 10+ year member]

Depends on his parents credit and his income. Insurance is gonna rapem tho.

 

[benchambers80]

Well he is gonna be paying at least 6% if he is lucky on each dollar, per year.

If he makes so much he should save and earn 3% until he can afford the car or whatever

 

[its_bacon12 10+ year member]

as long as he has a co-signer with decent credit, they're the ones on the hook if he doesn't pay it back

 

[Lingerfelt 10+ year member]

Will they give him a loan with his name on it? Don't you have to be 18 in order to build credit?