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~ the borrower is slave to the lender ~

Co-Signing Loan: Dumb Idea, Unless You're Married to the Person by Mogama Ask yourself. Why do you think a lender or car dealer would require a second signature to authorize a loan? Could it be that the lender has zero confidence in the first signer's ability to repay the loan? Well, duh! This lack of lender's confidence could be due to the borrower having no credit history, little credit record, bad credit history, low credit score, scanty work history, low income, or any other less measurable reason. In the eyes of the lender, the co-signer becomes the primary borrower. The first signer is little more than the front door to the main payer of the debt. I learned that the embarrassing way, when, after shortly arriving in the United States, I asked a... (continue reading)