The Ride Journal
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Did your friend or relative ask you to cosign a loan for them? While it may seem like a nice gesture, remember that being a co-signer is no small feat and comes with tremendous responsibility. You might also never know that they use you to borrow money easily without any responsibility. The co-signers believe that they are doing a friend or loved one a favor by cosigning on their loan application. However, this is not always the case. In fact, there are many reasons why being a co-signer for anyone’s loan c
When you cosign a loan for someone, you become legally responsible for the entire loan if the borrower defaults. This means that even though their name is on the paperwork, you are now fully liable for any missed payments and late fees that may arise. Additionally, your credit score can be impacted if you do not meet their obligations on time. Not only are you now responsible for the loan, but it will also show up on your credit report as a hard inquiry. This can further harm your credit score and negativel
When someone is not able to secure a loan without a co-signer, this usually means that they have a bad credit score or limited income. In some cases, they may not even be able to secure the loan in their name, regardless of their financial situation. While you may be willing to do them a favor and help out, this can strain your relationship if they cannot make payments on time or, worse yet, default on the loan. They may also take your generosity for granted and not take their financial obligations seriousl
The Ride Journal