All financial institutions of the country, providing loans to the population, pre-calculate the potential risks. If a bank specialist doubts the issue of a loan to an individual, then he has the right to offer harsh conditions or refuse to issue funds at all. To coordinate a loan to a minor or a pensioner for 90 years is an unreasonable increase in the risk of non-return of funds.
The main share of loans falls to customers with stable monthly income. Bank provides loans and credit cards to individuals from 18 to 70 years old.
What does the law on the age of the borrower say?
To date, there is no bill prohibiting the receipt of credit by minors. A teenager under the age of 14 will not apply for a loan, will not receive a credit card due to the lack of a passport. The classic contract involves the provision of personal data of the borrower (number and series of the passport). But there are some clarifications thanks to which a teenager can use the services of a bank.
Juvenile teenagers can familiarize themselves with their rights in the Civil Code by studying articles 26 and 28. It states that a child from the age of 14 has the opportunity to make deposits in banks. On the other hand, the article does not contain specific footnotes prohibiting any banking operations.
It follows that if a teenager wanted a box of sweets, then he needs to get a loan. But according to Article 175 of the Civil Code, parents, having appealed to the court, can prove that the transaction conducted by the child is invalid, as it is framed without their knowledge.
The legislation does not prevent the receipt of a cash loan to persons over the age of 14 without the knowledge and consent of the parents.
The conclusion is simple – all the risks associated with the operation of a teenager are post by a financial institution. Based on this, no bank will agree to issue a loan to a minor without official parental permission. Even if there is their consent, the final decision on the issue of a loan still remains with the bank. According to the Statute, all types of credit operations are issued to people aged 18 to 70 years.
What is the minimum age for a client?
Bank specializes in issuing cash loans and credit cards. Although both operations are similar and consonant, they have different conditions of receipt.
How old are credit cards issued?
financial institution does not issue credit cards to citizens who have not reached the age of majority. But there are several options for those who really want to become the owner of a credit card. The only way to get a credit card to a minor and that does not violate the Civil Code is to issue a credit card for himself, and give his child a dopcard.
The limit is set at the discretion of the responsible person. If the limit on the main card is 50,000 dollars, then on the additional card you can limit yourself to 5,000 dollars.
Bank allows issuing an additional card for a child over 6 years old. But the responsibility for the actions of the minor is the parent or guardian. According to the same 28 Civil Code , a child aged 6 to 14 years old has the right to make small financial transactions: payment for goods in a store, tickets to cinemas, museums, trips within the city.
The parent has the right to cancel some operations performed by the child. If there is a check for the goods, the money goes back to the card. Refund is not possible when the service is already provided. If a child tops up an online game account or visits paid sites marked “18+”, the responsibility lies with the parents for such pranks.
Maximum age of the borrower at Bank
With minor borrowers the question is clear, the older age group also has certain limitations. Withdraws under 70 years old can get a credit card. But the lender will take into account such factors as: the size of the pension, the availability of additional income, property (real estate), the number of children. An elderly person automatically falls into the risk zone for non-repayment of debt, so the loan rate may be unreasonably high.
What factors besides age are the lender considering?
Although age is one of the key indicators, the lender takes into account such characteristics as:
- constant income, which is enough to repay the loan;
- net credit history;
- official employment;
- real estate, car;
- the presence of dependents.
The above factors are a small part of what the bank pays attention to. Thanks to modern technology and automation, decisions on loan applications in are made as soon as possible.
To get a cash loan or apply for a credit card, the age of the borrower must be between 18-70 years. An additional card is issued to children over 6 years old. Before you apply for a loan, think carefully about why you are taking the money and whether you can pay off the debt in a timely manner.