Generally, you have to be at least 18 to get a loan on your own. Minors can only enter into certain kinds of contracts and loans are not one of them. Because of this, banks and loan companies cannot sue you for money you owe them and will be reluctant to lend you money. If you are under 18, the bank will require that your parent or guardian co-sign for the loan. A loan is a contract (see question below about entering into contracts). If you do not pay the loan back, the person who co-signed will be responsible for repayment. Last Reviewed: November 2019