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People also ask
Can a co-signer help you get approved for a personal loan?
A co-signer can help you get approved for a personal loan, and you might qualify for better interest rates with their help. But co-signing is risky, so it鈥檚 crucial for the co-signer to understand what鈥檚 at stake.
Can I get a co-signer with bad credit?
If you find someone who’s willing to co-sign your loan, but they also have bad credit, it’s not going to help your cause. Lenders will see this as a risk and offer you high-interest rates or potentially reject the loan application completely. Instead, make sure you find a co-signer with excellent credit.
What should I look for when looking for a cosigner?
Here are some things to consider when looking for a cosigner. The main criteria most traditional lenders use when deciding if they鈥檒l approve your loan application is your credit score. That can make it difficult for borrowers with bad credit, thin credit, or no credit to get a loan.
What happens if a cosigner falls behind on a loan?
Make payments on your loan: You and the cosigner will be equally responsible for the personal loan. If you fall behind on payments, both your and your cosigner鈥檚 credit will take a hit, and the lender can go after the cosigner for payments.