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Finance Tip of the Day

Why You Should Never Co-Sign, Part 1

  • 2016 25 Mar
Why You Should Never Co-Sign, Part 1


Why You Should Never Co-Sign, Part 1

You're 100% Liable

Yes, those of us who co-sign are 100% liable for the entire amount of the loan, in case something were to happen. There is really no such thing as “he took out the loan so they’ll go after him first…” As soon as the borrower is not able to make the payments, the lander will pursue the co-signer FIRST in order to collect the remaining balance. Why you ask? Simple. The bank used your credit rating and your ability to repay the loan as a guarantee for giving the loan. Without you, the person was not qualified to take out the loan, hence, you were asked to co-sign!

Today's tip brought to you by Mvelopes and Money4Life Coaching.