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A good friend or family member asks you to cosign a fast loan Edmonton Alberta. Do you say aye or nay? Cosigning a loan is more common than you think. The practice helps people with poor credit scores secure a badly needed loan. You’ll also be helping someone in need. But before you say yes, there are facts you have to consider first.
What Does Being a Cosigner Mean for You
- You might have a harder time getting your own loan. Your own credit score will be affected when you cosign a loan. The loan’s details will be reflected on both your and the original borrower’s credit report. Late or missed payments will also appear. This can pull down your score and lower your own chances of getting a loan.
- You could lose money. As a cosigner, you agreed to shoulder the responsibility of paying off the bad credit score auto loan if the borrower defaults. So you’ll be the first person the lending company will approach. This will impact your monthly budget, or worse, your savings.
- You could lose an important friendship or relationship. There’s a reason many people are wary of getting involved with the finances of family and friends. It puts a strain on relationships. There’ll undoubtedly be bad feelings if you’re forced to pay the loan your friend or relative got.
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Borrowing money is no problem with Canada Car Cash. Our company specializes in title loans, and we can offer you more cash than other lenders. Our interest rates are 70% lower and we have low monthly payments. We also offer extended loan terms of up to seven years. Sign up on our website or call our toll-free number at 1-844-598-7631.
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