Cosigning a loan- what you should know

Has anyone ever asked you to cosign a loan? Are they asking you now? Before you sign we want to make sure you realize what you may be getting into. In this video Michelle explains the legal effect of cosigning- how it can impact you even if the other person pays the loan. But then ... what if they don't? Well, she covers that too! Hope it helps you decide what you will do.

[@magatexan126]

Learned this lesson the hard way a few years ago. Will NEVER make that mistake again!

[@gwillis01]

Thank you for an excellent video

[@FinelyRevealed]

You are very welcome

[@mercedeswilkins5566]

Never co-sign cuz you will be legally responsible for it

[@foxgdsmck]

I have good credit, my friend has bad credit, I'm wondering if that him having bad credit will affect mine? Otherwise he's for sure setting up automatic payments

[@chavitavb]

I'm a care taker for my mother and I can't work full time. I have great credit, but don't meet the income requirements. My sister was nice enough to allow me a co-sign a small car loan since I'll just give her half my paycheck for the loan payments. This will help me tremendously! This video was really great at explaining everything.

[@FinelyRevealed]

Thanks Bluesocks! Happy to help

[@user-qc6yq1jh4j]

say the person you cosign for, they are good with paying the debt and the credit score is going up. dose it show on your credit or theirs or both?

[@FinelyRevealed]

It should show on both.

[@LisaBradley-ch8tn]

Please after the co signer have sign the paperwork and your loan is approved. Why will the bank say I’m number 14 th of getting the money ?

[@LisaBradley-ch8tn]

How long will he have to wait till he get the loan

[@FinelyRevealed]

Ask the banker and get the answer in writing. Some loans have a cancellation time frame that they wait to expire before funding the loan.

[@savannahdelaney465]

Great video :)

[@FinelyRevealed]

Hi @Savannah and thanks- hope it helped.

[@urielavila4512]

FinelyRevealed 👍👍👍