I am wondering if there is a rule specifying how old you have to be to borrow money at those Pay Advance and private loan facilities.
My friends daughter working part time went and borrowed 200$ on 550% interest rate without telling her parents. Granted she is 19, but she still lives with parents, and not paying her bills. She should have some money saved as parents are paying for everything, but she spends it. Are there any laws in this regard? Can a parent go to the facility and forbid them from loaning the money to a 19 year old? Im just very curious how this works.
2007-08-27 05:15:40 · 8 answers · asked by AmZ 3 in Business & Finance ➔ Personal Finance
She is an adult and responsible for herself. Just because she still lives with mommy and daddy doesn't exclude her from having to take responsibility for herself.
Until mommy and daddy make her be responsible for her own bills and actions, she'll continue to act like a child with no responsibilities.
It's the parents that need a swift kick in the butt right now.
2007-08-27 05:31:18 · answer #1 · answered by sortaclarksville 5 · 0⤊ 0⤋
A 19 year old is an adult in the yes of the banking world and is responsible for paying back the debt. Unfortunately, parents cannot forbid any loan agency from doing business with her.
2007-08-27 12:27:08 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
In the eyes of the law she is legal to do this. She needs to pay off this loan as quickly as possible. By the way their billing periods are probably running every 14 days not 30 days. They are going to get a lot of interest from her. She needs to pay it not her parents. That way it will be a good and an expensive lesson for her to stay away from these places.
2007-08-27 21:29:01 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
She's an adult. Sorry that she acted on impulse and is now going to keep owing this scum more and more money, but she has to learn.
Parents just can't step in and save the day ALL the time.
2007-08-27 12:28:06 · answer #4 · answered by FaZizzle 7 · 0⤊ 0⤋
When you apply for the loan you certify you are 18 years or older. They do not ask for ID only bank information or copies of bank statements.
2007-08-27 12:28:35 · answer #5 · answered by Cathleen G 1 · 0⤊ 0⤋
state law controls who is old enough
the general rule is that an 18 year old is an adult and can make any ordinary adult contract, including one to borrow money, etc.
oh
2007-08-27 12:24:09 · answer #6 · answered by Spock (rhp) 7 · 0⤊ 0⤋
You post your profile on this webiste and then lenders come to you. I recommend trying
http://www.creditloansonline.com
2007-08-29 00:01:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Ask them to learn their rules
2007-08-27 12:29:25 · answer #8 · answered by Anonymous · 0⤊ 2⤋