Can my parents take out a loan for me out of my account if I'm under the age of 18?
I'm 15 and traveling to Hungary for Christmas. And my parents are paying for half my ticket because that's all they can afford. I have to pay for the other half and have enough for spending money. But I only get 2 shifts a week on an average pay wedge. I'm too young to take out a loan, I know, but can my parents take one out for me? Like charge the loan to my account?
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It may seem like you cannot live without this trip, but borrowing money is a bad habit to get into. Especially for things like vacations. Your best bet is to save up money and only ever pay cash for things that will decrease in value.
Please note that while it is a bad idea to borrow money for things that decrease in value, the "opposite" is not necessarily true. That is, it is not necessarily a good idea to borrow money for things that will increase in value; or, will earn you income.
False assumptions can cloud our judgement. The housing bubble and the stock market crash of 1929 are two examples, but there are many others.
When borrowing a small sum from a bank, there's usually no collateral. i.e. no property to put a lien on, no gems put in a vault. It's a personal loan. A loan for a plane ticket for you or for them wont make a difference. If they have the borrowing ability, it's their loan.
That said, if your family finances are so tight, no one can buy a full round trip ticket, you should not be taking this trip. If your (whole family) savings is not above 3-6 months living expenses, you still shouldn't take this trip.
If you're in the US then no. You cannot enter a binding contract therefore you will not get a loan from a bank. Cosigner or no cosigner, anything to do with a loan and a bank will not involve you.
Your parents can get a loan, then they can give you the money, then you can pay them for their payments, but none of that means the loan has anything to do with you. It's their loan, if they default it's on them.
Given your age, you probably will ignore everyone else's advice here about this trip being a bad idea if you can't afford it, but you should reconsider it. You will be paying for this trip long after the fun and excitement has worn off. This is the cycle that sends alot of families into bankruptcy, and it's a horrible habit to learn so young. "Loan" shouldn't even be in your vocabulary dealing with anything other than a library book.
You can certainly borrow from your parents, and they can take out a loan under their own names if you can persuade them to do so. That really is the best solution I can think of for a loan to a minor... assuming that your parents think the trip is important enough to justify the cost and commitment of taking out a loan at all. (If they don't, they wouldn't co-sign for a loan either.)
Other than that... I think the simple answer is "no". You are probably going to have to find some other way to raise the money, or delay the trip.
(Yes, theoretically there are things that can be done with them guaranteeing a loan on your behalf. But at your age, I don't know whether you would be considered legally competent to sign that agreement in most jurisdictions, and realistically it winds up being no less risky for your parents than the approach I suggested since they're still on the hook if you can't repay in time.)
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