Question

You are 18 and applying for a loan with your local bank. They state that you will need a cosigner in order for them to issue the loan. You decide to use your 14-year-old sibling. Why will the bank deny your application? Be sure to state at least two reasons.

this question is in my math course

Answer 1

The bank will deny the application because the minimum age for a cosigner is 18. They also must show that they have good credit.

A co-signer is someone who will sign a contract and agree to be responsible for the account if it becomes delinquent. The co-signer must be 18 or older and show that they are in good standing with the credit companies. The co-signer must show that they also have a good work history with a credit score of 680 or more.

Learn more about co-signers on loans at https://brainly.com/question/11913486

#LearnwithBrainly