To be able to take out a loan, you must be at least 18 years old. Otherwise, all types of borrowing (consumer loan, mortgage loan, line of credit, etc.) will be prohibited for you.
However, there are certain special cases. If your child is 16 or older, you can act as a guarantor so they can obtain a loan.
From the age of 16, a child can also be in a situation of an emancipated minor. In this case, they have the same rights as an adult and are recognized as responsible for their actions. Therefore, they can take out a loan like anyone over 18 years old.
