How to Get a Personal Loan with a Cosigner

In the current day and age, it is of umpteenth importance that a person has a good credit score in order to have the ability to make use of credit facilities. Those who do not have a good credit score or a long credit history are often refused a loan.

The only way out of it is to have a co-signer who has a good credit score with a reasonably long credit history. It is pretty easy to secure a personal loan and should be done in no time once you have engaged a co-signer. It will also help you build your own credit.


  • 1

    Find a Reliable Co-Signer

    The first thing is to find a dependable co-signer. Not everyone will be willing to help you in this regard so you need to find someone who has a good credit score and is willing to co-sign as well. Always make sure that you know the person well so that he/she does not pull out at the last minute and leave you hanging dry.

  • 2

    Find the Right Loan

    Although, generally all loans are available with a co-signer, some financial institutions are unwilling to come forward with all options in such a case. Make sure you keep this in mind before doing your research.

  • 3

    Collateral Free Loan

    Some loans will require your co-signer to offer collateral. Avoid such loans and only go for ones which do not require any such conditions. It can very well be the ticking point for most co-signers, who may refuse to sign at the last minute.

  • 4

    Proof of Employment

    You must be earning enough at the time of applying for the loan that you can payback with ease. Remember that the co-signer is only there to be as a guarantee and a backup payment option for the financial institution. You are the primary person who needs to earn enough to pay back and it is you who should have the proof of employment with you.

  • 5

    Loan should be as per Requirement

    Never take a loan more than you require. This is important as would not want to get caught in the web of credit, the amount of which is more than you need, and more than you can afford.

  • 6

    Loan should be deposited in your Account

    Make sure that the loan is directly deposited in your bank account and not in the account of the co-signer. That is a bad idea as in that case you will not be in control of the funds.

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