No matter how close you are with someone. No matter if they are a child, relative, fiance, husband. If they cannot get a loan on their own NEVER co-sign with them, unless they are 17-18 and trying to get credit. But if they are over the age of say 21 DO NOT co-sign on a loan. If they are in college, there are tons of student loans they can get that are federally funded DO NOT cosign on a private loan. These loan companies will approve anything, then hound you when the borrower is not even 30 days late. 78% of these loans that are taken out are paid for by the co-signer as the borrower usually defaults. Learn your lesson from my very costly mistake that only is bringing me tons of headaches, as I am having to track down my lovely ex - fiance and badger him until he pays his loan. Something a 30 year old should just do, but for him not so much.
Moral of today's post.. DO NOT CO-SIGN a loan EVER!!!
Hope that helps keep someone else from my headaches!
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