It happens every day of the year; a friend, who has had some problems with their own credit, wants to buy a new car, or perhaps some furniture for their apartment. The problem is that they don’t have the cash do it, and because of their poor credit report, can’t get the approval that they need. They approach their friend and ask if they would be willing to co-sign the loan. “I only need your signature to get approved,” they say. “You won’t have to do anything else!”
Wait!
Before you co-sign that loan, there are some things you should know. In reality, it isn’t merely signing the loan application, but a serious proposition. What’s more, if things went wrong and the friend couldn’t keep up with the payments, guess who would be responsible for the loan balance? View the rest of this article
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