Before you find someone who will ask you to become a co-signer, it is important to know that it is a serious matter of trust with a co-signer. The reason, however, should not be taken lightly, is that when someone agrees to sign a loan, they are in essence legally agreeing to pay the loan, and everything that pertains to the giver of interest in that which is not given to the giver. With the increasing popularity of loans and their growing, it is requested that the co-signer answer the ambiguous question and it is not easy to answer even if the borrower is a member of your family.
You may wonder why you even bother being a co-signer, when in essence you are asking someone to take on a huge responsibility when you ask someone to co-sponsor your sign. Having a co-signer can not only help you secure your loan, it can also help you get a lower loan rate , then draw a line.
With this knowledge of the seriousness of the commitment now known to the co-signer, you should focus on individuals who are both close to you and also financially stable. Loyalty is also a good trait. Many will ask their immediate family members, be it a parent, spouse or even adult children. Some will ask extended family members who are financially stable, close friends, or in rare cases even trusted colleagues. Again, the level of commitment and responsibility of the co-signer is often too much for the person to commit themselves and not take rejections personally.
When asking the person you hope to co-sign your loan, make sure you fully understand that they are becoming legally responsible. for if you fail to repay the loan, their credit rating and history could be affected by their decision to co-sign. You want to convince the person that you want to get a legitimate loan. and a worthwhile plan to further your education or buy your first home. Don’t even bother asking someone for this commitment if the loan you’re asking for is something frivolous like a car you can’t normally afford or other material things you don’t normally purchase.
So in summary, at you can find family or family friends but it should look to those who are financially responsible, financially secure, and who fully understand the dangers involved. You ask the responsible person to disclose all information about the loan, their purpose, interest rates, fees, co-writer liability , extension procedures, loan limits and information giving. Don’t be surprised if you can’t find a co-signer, your rejection isn’t a personal problem, it’s purely financial.
