Is it a good idea to cosign a loan?
By cosigning, you lend your name and good credit history to the borrower. Should the borrower fail to make payments, all responsibility for meeting the terms of the loan transfers to you, the cosigner. The loan appears on both the borrower’s and cosigner's credit reports and may affect your ability to qualify for another loan.
This answer has been viewed 161523 times.
Related Questions
- How can I apply for a loan?
- Do you have to be a member to apply for a loan?
- How do credit unions differ from banks?
- What type of loans do you offer?
- How can I get a copy of my credit report?