A 16-year-old is considered to be a minor, and for that reason is not eligible to receive a loan from a bank unless he or she has a co-signer.

A co-signer is any person 18 years old or older, typically a parent or legal guardian, who is willing to except responsibility for a minor seeking a loan. If the minor does not fulfil the loan payments, the co-signer will be held accountable.

Ask your parents or guardian if they will cosign for you.

Go to your bank or credit union with your co-signer and tell the bank teller that you would like to apply for a loan.

Fill out the necessary paperwork given to you by the bank and explain to them why you are seeking a loan.