Tuesday, January 24, 2023

Do No Co-Sign A Loan

Saw this video -  don't co-sign a loan. 

Agreed 100%. There is a reason the borrower doesn't qualify to borrow the money for the loan.  That reason is, the person will not repay the loan! Hence the need to get a co-borrower.  If you are the co-borrower, just know that you will have to pay the entire thing back. 

Yes? There are exceptions.  Exceptions prove the rule. 

1 comment:

  1. The only loans I have co-signed were to purchase a vehicle for my kids, knowing that I would actually be the one making the payments. This was done to help the kids start getting a good credit rating for themselves so that at some point they would be able to get a loan on their own, or even to rent an apartment when they moved out.


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