What do I need to know before I co-sign a loan?

Co-signers lend their names and good credit histories to the borrower applying for the loan. The loan will appear on both the borrower's and co-signer's credit reports.

Should the borrower pass away, lose a job, or otherwise fail to make payments, all responsibility for meeting the terms of the loan transfers to the co-signer. Before co-signing any loan, be sure you are prepared to accept full responsibility for the loan in the event the borrower becomes unable or unwilling to make payments.

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