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Would u ever co-sign a loan for a family member or friend ?


Asked by gwen20 at 11:10 PM on May. 31, 2011 in Money & Work

Level 35 (71,622 Credits)
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Answers (17)
  • No. I love them too much to ask them to cosign a loan for me, so I would hope that they love me enough not to ask.

    Answer by Busimommi at 11:35 PM on May. 31, 2011

  • No, never!

    Answer by AllAboutKeeley at 11:14 PM on May. 31, 2011

  • I wouldn't cosign for anyone under any circumstances unless I could afford to assume the entire amount and pay it back myself.

    Answer by raederle at 11:24 PM on May. 31, 2011

  • For my mom or dad..yes but for any other family member or friend NO..

    Answer by midnightmoma at 11:13 PM on May. 31, 2011

  • No I won't let anyone impact my credit

    Answer by Tess929 at 11:20 PM on May. 31, 2011

  • My FIL did for us. I paid it off 6 months later.

    Answer by Izsarejman at 11:17 PM on May. 31, 2011

  • for my parents or mil or fil yes I would anyone else NOPE!

    Answer by momto4girzls at 11:23 PM on May. 31, 2011

  • i did for my sister it was a hard decision but so far it has been the right choice

    Answer by roxy0522 at 11:24 PM on May. 31, 2011

  • No

    Answer by shortycmlb at 12:27 AM on Jun. 1, 2011

  • Never. It's always a bad idea. If an individual needs someone else to co-sign, it means they shouldn't be financing (since they don't have the money or good enough credit) in the first place.

    My family would never ask; hubby's family would (in fact they have) and we declined. They went to other members of the family (and we warned them NOT to co-sign) ... and the worst-case scenario took place ... my MIL (the co-signor) is now stuck paying a loan she can't afford for something she was never meat to use in the first place and is stuck or else her credit will be impacted, and has had to postpone retirement as a result. My BIL, the dumb ass that took out the loan, still has the balls to come to her anytime he needs more cash or someone to watch the kids.

    Answer by Anonymous at 6:44 AM on Jun. 1, 2011