You May Want To Think Twice Before Cosigning a Loan

You May Want To Think Twice Before Cosigning a Loan

If you're thinking about cosigning a loan, you may want to think twice. While it can be a helpful way to get someone with bad credit approved for a loan, it's not without its risks.

For one thing, you're legally responsible for the debt if the borrower doesn't pay. That means that if they default on the loan, you'll be on the hook for the entire amount. Additionally, late payments will show up on your credit report as well as theirs.

Furthermore, cosigning a loan can put a strain on your relationship with the borrower. If they're not able to make their payments, you may have to constantly hound them to do so. And if they default on the loan, you could end up in court trying to collect the debt.

The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.

Our main goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706