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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.
A cosigner can help you qualify for a loan, but there are risks including impacting the cosigner’s credit score or finances.
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
This page was last edited on 20 October 2021, at 23:07 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
Also here’s how to get out of being a co-signer on a loan. For You: 3 Signs You’ve ‘Made It’ Financially, According to Financial Influencer Genesis Hinckley
Here are potential ways to get out of being a loan co-signer. Check for a Co-Signer Release Option Especially if you co-signed a car or student loan, the loan contract might mention a co-signer ...
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