Although it’s tempting to offer assistance in these situations, it’s important that consumers understand the financial realities and risks of cosigning a loan.
Boston, MA (PRWEB)
March 21, 2017
When a consumer cosigns a loan, they are being asked to assume a risk that the professional lender won’t take on alone – due to the fact that the borrower can’t meet traditional lending criteria. In an attempt to educate consumers, national nonprofit American Consumer Credit Counseling has created a list of things to consider before cosigning a loan.
“Despite the risks, there are scenarios where a person may want to cosign a loan – such as to help a child or a friend in need,” said Steve…