07-12-2013, 07:33 PM | #1 |
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07-12-2013, 07:51 PM | #2 | |
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A: you have faith in his business B: you have some sort of "shares" in the business. IE: profit |
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07-12-2013, 07:59 PM | #3 |
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Last edited by SHEEDI; 08-28-2017 at 08:23 AM.. |
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07-12-2013, 08:18 PM | #4 | ||||
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07-12-2013, 10:46 PM | #6 | |
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2. Sure. If he can't repay the loan and you can't repay it your credit history will absolutely be affected. 3. There are no pros. You would be extremely foolish to co-sign his loan unless you're really good friends with him and you wouldn't mind repaying 100% of the principal + interest if it comes to that. Sure, it probably won't come to that, but you have to be prepared to do that. The only "pro" is your friend will be a very happy person. 4. No. Once you sign, it's a done deal. Even if you get shares of his business (which in and of itself is a tricky business where you have to read the fine print), I still wouldn't do it. The vast majority of small businesses fail. |
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07-13-2013, 12:48 AM | #7 |
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Loans need a co-sign for a reason. If they didn't need one, they wouldn't need you to sign. Pretty simple stuff. Simple advice in life, any thing you sign, you are most likely liable for or relieving liability from others.
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07-13-2013, 09:03 AM | #9 |
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Thanks guys. I am not doing it.
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07-13-2013, 10:46 AM | #11 |
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07-13-2013, 11:21 AM | #12 | |
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I will see your "It worked for Apple" and raise you a "It ruined my buddies life he's now 50 years old living in his parents apt". |
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07-13-2013, 12:52 PM | #13 | |
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don't spend money you don't have... even people in h.s. knew that |
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07-13-2013, 06:17 PM | #14 |
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07-14-2013, 12:19 AM | #15 |
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07-14-2013, 07:29 PM | #16 |
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just sign, and if things go south, file for bankruptcy lol at least you didn't lose your cash haha
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07-15-2013, 09:47 AM | #17 |
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If the guys needs a co-signer for the business loan it means the business does not have the finances to back up the loan. Banks will cut a loan for a business if they been doing business for a while, and can show cash flow as well as some sort of contract for future business. The other thing Banks will allow is putting personal assets up as collateral. Is sound like this guy has neither so he needs someone who have this to back his loan up.
From a credit history stand point, if you co-sign the loan it will show up on a credit check as an outstanding liability you have. Similar to a second mortgage on your home. Even if they person does not default it will be counted against you in your overall credit rating. Last edited by Maestro; 07-15-2013 at 11:37 AM.. |
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07-15-2013, 10:43 AM | #18 |
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Or in your case, if mom and dad have it you're good.
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07-15-2013, 12:14 PM | #20 | ||
is probably out riding.
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From Mark's stimulus blog.... Quote:
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07-15-2013, 10:19 PM | #22 |
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Absolutely NO!
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