March 25, 2017
What would you do if a friend or relative asked you to cosign or be the Guarantor on their loan? According to the Federal Trade Commission’s website, studies show that many cosigned loans go into default and the guarantor/cosigner ends up having to repay the loan. If you are asked to cosign a loan, you are being asked to take a risk that the lender is not willing to do. You will need to consider several factors before you become a guarantor.