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Should I Co-Sign A Loan For A Family Member Or Friend?

Should I Co-Sign A Loan For A Family Member Or Friend?

No!!!!!!  Never co-sign a loan for anyone!!!!**

 

** Longer answer below.

When you co-sign you are just as responsible as the person getting the benefit of the loan. If/when they don't pay, you will be sued and you will have to pay.  It will mess up your credit.  It will cost you money. It will ruin a relationship.  You'd have to sue your friend to try and get them to pay which will probably cost you money for lawyer fees.

Don't do it.  Ever.  It's a terrible idea.

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  • I’ve been asked by a family member to co sign a loan for them. While I do want to help them, I have to agree with your post. If they couldn’t make their payments, then I would have to do this for them. I need to think about my own credit rating personal lending , and my own financial future. I appreciate that you phrased your post very clearly, and concisely. I won’t be co signing a loan for anybody, family or friend. The risk of leaving myself in a debt I couldn’t pay, as well as ruining a relationship is just too great.

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