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.

Answer 1

Answer:

1. Because to be a loan cosigner, you must be of legal age (18 or older)

2. And at least $40,000 in annual income.

Explanation:

Answer 2

Because you have to be at least over the age of 18

The person has to have a steady income with annually at least 40,000