The Dangers of Cosigning for Family or Friends | Richard Banks & Associates, P.C.
Raise your hand if you’ve ever had a family member or friend come to you about cosigning on a loan—chances are, it’s occurred at least once or twice in your lifetime.
While you may be up for agreeing because they are close family or friends in need of help, it’s important to know what you are putting yourself on the hook for by cosigning on a loan.
What Cosigning Entails Signing your name on the line for someone else is always a risky move, as it means that you will be responsible for the loan if your friend or family member falls through.
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