Question: How can you make a loan to a minor (under 18) and be legally protected? Would a co-maker or joint applicant be sufficient?
Answer: If the minor is not of age to contract, they may enter into one but can void it if desired which means you are out of luck.
There are necessities that they may not void. I can't provide you with a cite, check your state law. I believe it is usually food, shelter, medical attention, student loans, etc.
If the minor is emancipated, they may enter into a contract.
If they enter into the contract as a minor and become one of the majority, the contract becomes binding.
If there is an adult cosigner, they have liability regardless. That is, the contract itself isn't voided, but the minor's obligation could be.
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