You might be requested so you can co-sign that loan by your lover, son or friend, particularly if your credit rating outshines theirs.
Exactly what sounds honorable – you enabling someone get money having another family or college tuition – can have consequences you might not expect.
What exactly is an excellent co-signer?
A beneficial co-signer was an individual who adds its name to the no. 1 borrower’s loan application, agreeing is legitimately guilty of the loan amount, and you will any additional fees, if the borrower not be able to pay.
People wanted otherwise you want a co-signer as they can not be eligible for the loan on their own. Continue reading
