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Should I cosign a loan?
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Biblical - Answers - Questions - AskChuck - @
To learn Biblical answers to your financial questions, you can #AskChuck @AskCrown your questions by clicking here. Questions used may be lightly edited for length or clarity.
So, I cosigned for a student loan and now I’m stuck paying for it. Is there anything I can do?
Thing - Dad - Remedy - Employee - Son
Unfortunately, the same thing happened with my Dad and we have not found a satisfactory remedy. He was approached by an employee whose son needed assistance to get a “head start in life.” Because my father wanted to help and believed the story that the young man would respect those who helped him do what no other family member (of this boy) had ever achieved, he cosigned for a large student loan. As soon as the boy graduated, his mother quit her job at my father’s company and he never heard from either of them again. He was conned.
While I am tempted to reveal the person’s name since he has flaunted his achievement by driving expensive cars and living the high life while refusing to even return a phone call from my elderly father about his student loan obligation, I will refrain from using my platform for hurting others and instead use it to warn others.
Decision - Friend - Family - Member - Person
It’s easy to make an emotional decision when trying to help a friend, family member, or person in need. But trouble brews when emotions overrule God’s Word.
When someone cosigns for a borrower who is honorable and responsible, payments are made in a timely fashion and no problems occur. But, when someone does not pay on time, either by choice or by circumstances outside their control, the cosigner is stuck, sometimes completely unprepared to pay the balance due.
Surety - Principle - Obligation
Surety is the principle of taking on an obligation to pay or to make a...
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