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Thread: personal loan...

  1. #1
    Veteran Member luxi_kitty's Avatar
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    Lightbulb personal loan...

    to get a personal loan u have to have a relative co sign with u if u arent qualified..i wanted to get a friend to help me co sign on the loan...

    how will they know if we are related or not?
    he could be my cousin we dont have the same last name, nor do we live together so how do they determine relation???

    sorry if i sound REAL naive right now..just always wondered that
    is it possible to have my friend do it and pretend hes a cousin?
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    Default Re: personal loan...

    I've never heard of that, but sometimes they limit by age or credit rating.
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    Default Re: personal loan...

    Every credit card is a personal loan. I've never had a co-signer for any of them.

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    Banned Melonie's Avatar
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    Default Re: personal loan...

    Essentially, requiring a 'co-signer' legally means that the loan is being approved for, and the responsibility for repayment is being accepted by, the 'co-signer' ( even though the loan money and initial repayment duty are being given to another person). But the existance of a 'co-signed' loan, the effect of 'co-signed' loan debt etc. impacts the 'co-signer's credit rating, debt to income ratio etc. in exactly the same way as if the 'co-signer' had taken out the loan themselves.

    Banks generally don't care a bit if a 'co-signer' is a family member. What they DO care about is if the 'co-signer' has a sufficiently high credit rating, a sufficiently low debt to income ratio, a significantly high verifiable income level etc. to 'qualify' them for loan approval.

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    Veteran Member luxi_kitty's Avatar
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    Default Re: personal loan...

    ^^Oh wow..so doesnt even need to be of relation??
    bc the two financial offices i went to said they needed my co signer/applicant to be related to me..
    i was just wondering how the hell would they know this person is even in relation to me...
    but thanks for the info girlies!
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    Banned Melonie's Avatar
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    Default Re: personal loan...

    the 'relative' statement was probably the bank's suggestion as to the most likely creditworthy persons willing to accept the financial obligation of repaying your loan if you default. I doubt that they would care if a non-relative offered the same.

  7. #7
    Moderator Miss_McKenna's Avatar
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    Default Re: personal loan...

    They probably just said relative because usually friends won't co-sign for friends, it's a big responsibility as they're effectively taking out the loan just as much as you are. But, I have had a friend co-sign a student loan for me, and him not being related was a non-issue, although the extensive online application we went through had a set of choices for how I knew him (parent/cousin/employer/grandparent/friend/spouse) etc and I just selected "friend".


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