What questions should I ask the person wanting me to co sign for them? Is it a good idea? They are offering to pay me $1,000 cash to help them with this. Are there major risks and how would it hurt me?
Answer1:If they were to default on the loan you would be responsible for paying it.
Answer2:You need to know...Not to do it.If they default, you are responsible for paying the loan and if they pay late, it is reflected on your credit report.
Answer3:If you are new to the world of loans, then all the jargon and terminology can seem very confusing. There are so many different terms to understand, and unless you know some of them you will not find the best loan deal to suit your needs. If you want to know more, then here is a guide to some of the basic loan terms you might need to know.http://www.worldbestloans.com/The lower the APR, then the cheaper the loan interest will be. Credit scoring is a method that lenders use to determine your eligibility for a loan. They ask a series of questions about your earnings and financial situation. Each answer you give is scored, and the better your score then the more likely you are to be accepted for a loan.
Answer4:This sounds very suspicious. Unless you are 100% certain that you can trust both the person who is asking you to guarantee the loan, and whoever is offering the loan (is it a genuine bank with standard terms? or a "loan shark" with exhorbitant penalties and high interest in the small print?), avoid this like the Plague.
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Answer6:Do NOT do it. You are responsible for the debt if they dont pay it. Offering you cash is a huge red flag.
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