4 Questions to Ask Before Cosigning a Loan

When you sign a pinjaman wang joint , you have a huge financial responsibility. Of course, in theory, the principal borrower should be the one to repay the loan — but you assure the creditor that if the creditor does not do this, you will be responsible. If the borrower delays payment or fails to pay, your credit will be damaged and the creditor will try to collect money from you. For more information , please visit Pinjaman Wang website .


In some cases, even if there is a risk, you can still decide to say “yes” to a joint commission. However, if you are considering sharing someone else’s responsibility for a loan, be sure to ask this question first.


  1. Why do I need to Pinjaman Wang Segera?

It seems annoying to ask why someone needs money. However, if you want to provide a loan guarantee to them through a mutual contract, then you should know why they want you to take this big risk.


Because they borrow wang can also help you decide whether to use your credit score and wang to help them. However, there is a big difference between signing a personal loan for your children to allow them to get fertility treatment or making career changes, and signing a partner for them to be able to spend a great vacation.


  1. How do you plan to repay the loan?

When you sign up together, you need to make sure that the primary borrower will repay the loan in full — otherwise you will be interrupted by the bill. Therefore, it is important to know their plans to spend the money.

If they already have a stable income and a good job on a budget to pay off their debts, then they will probably pay off their debts on time and in full. On the other hand, if they have only one vague goal, which is to find a better job after borrowing, but have no concrete idea of ​​how to do it, then you may need to continue to be careful.


  1. If your income decreases, how will you pay?

Unfortunately, for most people, there is always the risk of reduced working hours or unemployment, which can cause their income to drop. If this happens, you need to know what the main borrower plans are.

If they can set up a temporary fund or their spouse’s salary, but they can rely on it for a while, if there is a way out, they can still repay the loan. This may mean lower risk for you.


  1. When will the debt be repaid in full?

The longer it takes to repay the loan, the greater the agency sales burden. There are two reasons for this.

First of all, there is a greater repayment problem in the long run than in the short term. After all, if it takes 10 years to pay off debt, it will take more time to get sick, lose your job, or other unforeseen circumstances and cause problems from a two-year loan.

Second, during the period of your joint signing, the debt will be reflected in your credit report. This means that if the debt-to-income ratio is too high, your own loan capacity may be affected — even if everything goes smoothly and the payments are timely.

If the major borrower has a good reason to withdraw the loan, you are confident in their repayment ability, and the debt will be repaid in a short time, then you can decide to say “yes” to a joint signature. Remember that even in the best of circumstances, you still carry a lot of risk — so make sure that if the person you trust by default is on loan, this will not adversely affect your finances.