Emancipation and Acquiring Loans at Age Sixteen in North Carolina

I am one of the lucky ones, my parents are all for my emancipation, they will sign any papers that I need to have to become emancipated. Emancipation isn't my biggest concern though, I need information about how big of a loan I can get at 16 years of age and if possible (I know that this is a legal forum not a finacial forum) how to avoid high interest rates so that I don't fall into massive amounts of debt. I am also wondering what the effects of emancipation are on getting a driver's liscense and job hours. I will not be dropping out of school, I will be continuing my education, but in a different county, I don't think that there are any taxes or anything for attending public school, am I right?

I appreciate your time.

-Myth

You would have to find a lender willing to give you a loan - emancipation won't guarantee that a lender will do so. The rest will depend upon the lender's policies, your credit history (or lack thereof), whether or not you have a cosigner, and other similar considerations.

Check with your state's DMV regarding driver's licensing; I would estimate that emancipation will affect only the need for parental consent to licensing, and not any other aspect of licensing. According to this, at 16 or 17 you can get limits on your hour restrictions "waived upon written permission from the parent/guardian and from the youth's principal/designee" - emancipation should eliminate the former requirement, but would not appear to affect the latter.

Thanks for the information, do you recommend any specific lender for getting somewhere around $10,000 (US) from at 16 years of age with no co-signer? I have no idea about what it takes to get a loan so any help is greatly appriciated.

*Edit: One more thing, what are the laws concerning marriage in NC? I have poured over as many law books and websites in my research and all I come up with is that marriage is permitted as long as both the bride and groom are present to get the certificate, and if one of the persons being married is not old enough to be emancipated, the only thing that the marriage does for him/her is give them the legal right to not have to obey their guardian's wishes. Am I correct?


Thanks again,

-Myth

No, I can't suggest any lenders.

I'm not sure what you are trying to ask in relation to marriage laws. If you are emancipated, you won't have a guardian. You can read the laws here.

Most lender wont loan an adult with zero credit history that much! Its even less of a chance they will for a 16 year old.

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Quoting panther10758

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Most lender wont loan an adult with zero credit history that much! Its even less of a chance they will for a 16 year old.

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Right!!!!!!