Co-signing a loan

[imokurok]

Quote:

Originally Posted by Jeffman52 +1 I have a solid no co-sign, no loan policy.

+1
What he said.
Underlined, in bold font, in italics and quotation marks.

[Sojourner]

Quote:

Originally Posted by jollystomper Run away screaming into the night from any thought of co-signing this loan.

Very funny... and sound advice, to boot!

Quote:

Originally Posted by Aerides Co-signing isn't even as good a risk as a gift - a gift I know I'm at zero. A co-sign means I could have credit damage before I know what's happening. Can't write a check to make that go away.

Yes, I've read several articles that mention credit damage as a huge risk to anyone co-signing a loan. I think it could be mitigated by keeping very careful track of the loan repayments and making sure they were always paid on time, but... do I really want to sign up for an ongoing hassle like that? One article I read said something like "The thing about being a co-signer is, the loan is effectively yours. You're taking on most of the risk while the principle borrower is receiving all the benefits."

The more I read about this, and the more feedback I get from you wonderful folks, the less I like the idea. I'm definitely not co-signing any loans for these people, regardless of how I feel about them personally or how much I'd like to see their business succeed.

Thanks again for all the great comments and advice!

[canuck5]

Sounds like they need a ready made salesforce to get out there and move some product.

https://www.manaonline.org/

[OldShooter]

Quote:

Originally Posted by canuck5 Sounds like they need a ready made salesforce to get out there and move some product. https://www.manaonline.org/

Quote:

Originally Posted by aja8888 Ask if any of the principals if anyone has taken the Dale Carnegie Sales Training course.

Sorry. The old rule applies: To every complex problem there is a simple answer, usually wrong.

What they need is a sales culture, created and nurtured by a sales-oriented top manager or company president. A weekend charm school won't do it, and there is nothing that requires more selling effort than a bunch of independent reps.

[kcowan]

I would also not do any unpaid work for them. Your time is worth big bucks. Don't give it away no matter how much you like these guys!

[RenoJay]

The only loan I'll ever consider co-signing is when my kiddos buy their first home(s). Aside from that, in G-d we trust; everyone else pays cash.

[Sunset]

Quote:

Originally Posted by Sojourner ...... Yes, I've read several articles that mention credit damage as a huge risk to anyone co-signing a loan. I think it could be mitigated by keeping very careful track of the loan repayments and making sure they were always paid on time, .....

Problem is the only way to make sure the loan is paid on time is for you to pay it, what else would you do if they claim no cash on payment day, other than pay it yourself.

Co-signing a loan is almost always a bad bad idea.

[MarieIG]

Under what circumstances would I co-sign a loan (under those circumstances) - it would have to involve threats upon my person with a lethal weapon. Seriously, they can give you a stake in the ownership for your services, but they are asking WAY too much of you - co-signing a loan. NO, NO, NO!!!