If you say no to cosigning, the person who needs help may feel that you’re the meanest person on the #face of the earth.
That’s okay - they’re entitled to their opinion.
While I definitely understand how cosigning a loan can help someone with no credit history, I feel that the risks outweigh the benefits.
Can’t decide whether to put your name on the dotted line?
Here are seven reasons to say no to cosigning.
1. 100% Your Debt
Sign your name to another person’s loan application and you automatically inherit this debt.
Even if you never make a loan payment, this debt is forever attached to your name, plus it’ll appear on your credit report.
And if the primary signer stops paying, the lender will hound you for a payment.
Do you need another reason to say no to cosigning?