Legal Question in Credit and Debt Law in Nevada
Is there a law against signing for a loan under the age of 18 without a cosigner?
Asked on 7/14/10, 10:37 am
1 Answer from Attorneys
A contract can be "disaffirmed" if the signer is under 18. Meaning that the under age person has the ability to "bail" on the contract. As such, most smart businesses, etc. will not enter into a legal contract with someone under 18 w/o a co-signer as the under age person is not on the hook.
It's not necessarily illegal, just bad business.
Hope this answers your question.
Greta Muirhead
Answered on 7/14/10, 8:38 pm
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