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.
- Do you have to be a member to apply for a loan?
- How can I get a copy of my credit report?
- How can I pay on my loan at Northland Area Federal Credit Union?
- How can I apply for a loan?
- Can the credit union give me a copy of my credit report?