Whether It Is Possible To Grant Personal Credit To Minor

There is a wrong opinion that granting of personal credits to persons, who have not reached eighteen-year age, is not popular. We can assure you that is not so. Simple credits exist, and almost all banks may grant a credit card to any citizen including minor, But the limit of such cards has a certain restriction.

Full crediting of this category of citizens is followed by plenty of restrictions which are imposed by the present legislation. According to the law in order to grant a credit to minor it is necessary:

• Permission of parents;

• Availability of a guarantee;

• Document confirming the identity;

• Fixed place of employment and income.

In any other case the bank transaction which was made without parents’ participation will be recognized by judicial authorities as illegal. Therefore, in case of personal credit granting to minors bank clerks require the following information:

• Citizenship confirmation;

• Certificate of parents salary;

• Same certificate from the guarantor;

• Copy of documents on property which parents possess.

The main personal credit for the persons which have not reached a maturity is an educational credit. Such credit has delay until the end of study. By this time the minor borrower will become an adult who will already bear complete responsibility if breaks payment discipline.

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