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When you loan money to friends or family members in good faith, ensuring repayment can be difficult. Not only does it allow for financial strain, but it can also impact your relationships ...
Getting a friend or a family member with a better credit history to co-sign a loan can make lenders more likely to grant these individuals a loan. But becoming a co-signer should not be taken lightly.
During the period from 2006 through October 2008 (referred to as 'Prosper 1.0'), Prosper issued 28,936 loans, all of which have since matured. 18,480 of the loans fully paid off and 10,456 loans defaulted, a default rate of 36.1%. $46,671,123 of the $178,560,222 loaned out during this period was written off by investors, a loss rate of 26.1%.
Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or; revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
Unsecured loans are often sought out if additional capital is required although existing (but not necessarily all) assets have been pledged to secure prior debt. Secured lenders more often than not include language in the loan agreement that prevents debtor from assuming additional secured loans or pledging any assets to a creditor.
Benefits of cosigning. Drawbacks of cosigning. You can help a loved one qualify for a loan. You assume full liability for payments and late fees if the main borrower falls behind or files bankruptcy
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