Comments on: Cosigning A Loan

By: Best Personal Finance articles from Carnival of Personal Finance #110 at Clever Dude Personal Finance & Money

Tue, 24 Jul 2007 11:01:07 +0000

[...] at Everybody Loves Your Money wrote a good example for avoiding cosigning for loans. I had considered helping some of my family members with loans, but then realized 1) managing their [...]

By: New Site Design, New Network, New Carnivals, New Podcast

New Site Design, New Network, New Carnivals, New Podcast — Mon, 23 Jul 2007 19:24:26 +0000

[...] Everybody Loves Your Money writes about co-signing for a loan. [...]

By: Welcome to the 110th Carnival of Personal Finance - Fat Pitch Financials

Welcome to the 110th Carnival of Personal Finance - Fat Pitch Financials — Mon, 23 Jul 2007 12:31:09 +0000

[...] Loves Your Money warns anyone thinking about cosigning a loan to consider the whole [...]

By: Welcome to the 110th Carnival of Personal Finance - Fat Pitch Financials

Welcome to the 110th Carnival of Personal Finance - Fat Pitch Financials — Mon, 23 Jul 2007 12:31:09 +0000

[...] Loves Your Money warns anyone thinking about cosigning a loan to consider the whole [...]

By: Hazzard

Hazzard — Fri, 20 Jul 2007 14:19:28 +0000

Lenny,
Yep. I really wouldn’t consider cosigning for anyone other than a really close family member. (child or maybe parent in a huge bind). Bottom line is that if you wouldn’t loan them the money directly, you shouldn’t consider cosigning for them. It’s basically the same risk
Hazzard

By: Lenny Tumbarello

Lenny Tumbarello — Fri, 20 Jul 2007 11:40:39 +0000

Post number two is absolutely correct. The ONLY persons to co-sign a loan for are children or parents.

That’s LOVE money – you basically assume going in – you might lose the money – but that’s LOVE.

Whenever someone has asked me to sign a loan with them in my life, I’ve explained I’m NOT a banker. Then I’ve usually walked away from the friendship.

It’s BAD BUSINESS !!

By: Hazzard

Hazzard — Wed, 18 Jul 2007 17:53:40 +0000

I hear you Matt. I can think of only a few situations where I’d ever consider it. One would be for my daughter as she gets older and the only other would be for a parent in a crisis. Other than that, I wouldn’t consider cosigning for any other adult that needed it because I would be concerned that they weren’t able to establish the credit themselves over the years.

By: Matt

Matt — Wed, 18 Jul 2007 17:44:08 +0000

I’ve seen my parents screwed over by old friends as a result of co-signing for a loan. They weren’t in the best financial situation when they were dumped on with someone else’s debt. They paid all of it off but it put in a really deep seeded hatred of needing to rely on someone else to get a loan. I might ask my parents but that would be the extent of it.

On that token I’m very hesitant to co-signing a loan as well. I have my own debt to deal with I don’t want someone else’s if something goes wrong.