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When someone defaults on a loan, it is when you borrow money from a bank and you say that you are going to pay it back, but you do not, therefore stealing their money. This can wreck your credit score and get you in deep trouble.
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∙ 10y ago
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What is a grantor on a loan?
A guarantor is the person who agrees to pay on a debt of someone else if the person who guaranteed to pay defaults on the loan. A guarantor is a type of co-signer for the loan.
If someone is a co buyer on a loan will it show up on their credit report?
It definitely will if the main buyer defaults on the loan, but I'm not sure if it shows up when the loan is in good standing.
How can i get secured Loan without verifiable income?
To get a secured loan without verifiable income, someone can provide a peace of land or a car as a security for the loan. When someone defaults, the bank can simply net off the balance from the security.
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
What are the cosigner's options if the primary defaults on the loan and leaves the country?
To pay the loan.
What is a grantor on a loan?
A guarantor is the person who agrees to pay on a debt of someone else if the person who guaranteed to pay defaults on the loan. A guarantor is a type of co-signer for the loan.
What if the primary signer on a loan defaults?
If the primary signer defaults the co-signer will become responsible for paying the loan.
You cosing for your girlfriend then you brook up and she married someone else will you still be responsible for this loan if she defaults?
Yes.
If someone is a co buyer on a loan will it show up on their credit report?
It definitely will if the main buyer defaults on the loan, but I'm not sure if it shows up when the loan is in good standing.
How can i get secured Loan without verifiable income?
To get a secured loan without verifiable income, someone can provide a peace of land or a car as a security for the loan. When someone defaults, the bank can simply net off the balance from the security.
Can you get a loan if you paid your defaults?
Yes!
Can someone with no credit cosign for someone?
A lot of creditors will not accept a co-sign from someone with no credit. They want proof that if the person who takes out the loan defaults, the co-signer will have the credit funds available to pay off the loan.
What does it mean to be a cosigner for a car?
With your good credit you sign a contract to pay off the loan if the original borrower defaults.
What are the cosigner's options if the primary defaults on the loan and leaves the country?
To pay the loan.
If someone cosigns on a vehicle loan does it affect that their credit?
Yes. If the original borrower defaults, and the cosigner is unable to take over the debt.
Will it affect your ability to get a loan if you cosigned for someone else?
Be very cautious about co-signing for a loan. If the primary borrower defaults, you are responsible for the loan payment. It also may affect your ability to get a loan if your debt to income ratio is already high.
Can you sign car that has a loan on it to the primary buyer and not be responsible for it if he defaults?
If you are the co signer, then it is automatically your responsibility if he defaults
