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A co-signer takes on all the rights and responsibilities of a loan along with the borrower. This means that if the borrower can’t make a payment on the loan, the co-signer is responsible.
Benefits of cosigning. Drawbacks of cosigning. You can help a loved one qualify for a loan. You assume full liability for payments and late fees if the main borrower falls behind or files bankruptcy
A cosigner can help you qualify for a loan, but there are risks including impacting the cosigner’s credit score or finances.
Make sure you understand what co-signing really means. It means you are literally applying for credit by virtue of supplying income, credit worthiness, payment liabilities and assets for the ...
“In my experience, co-signing a loan or lease for a family member can be a risky decision that many people underestimate,” said Shirley Mueller, finance expert and founder of VA Loans Texas ...
Getting a student loan can be complicated, and one way to improve your odds is to get a co-signer (or guarantor). Many borrowers resort to this option for a variety of reasons -- for instance, some...
While co-signing can help a loved one get a car loan or other needed credit, this responsibility becomes an issue if that person can't cover the payments. You might want out of the arrangement to...
If your loan co-signer dies, you’ll take on full responsibility for the loan. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways ...