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When co-signing for a personal loan does every bank or lending agency need to see proof of income or employment from the co-signer?
Wiki User
∙ 19y ago
It is the lenders right to verify info given to obtain credit. It would NOT be good business practice to do otherwise.
Wiki User
∙ 19y ago
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Is a cosigner on a car liable if the primary borrower is at fault in an accident?
No. A cosigner's only obligation is the debt incurred by signing the lending agreement.
Can a cosigner live in a different state than the borrower?
That depends on the lending institution, but most lenders will accept an out of state cosigner as long as the person qualifies.
How do you get a personal loan with no credit or cosigner?
To get a personal loan with no credit or cosigner you can go online to find an online short term personal loans lending service.They are easy and convenient if you are in need of extra cash between paychecks.One great aspect of short term personal loans is that you do not need a cosigner on the loan and the lender will not perform a credit check.To qualify for short term personal loans, you must:Be 18 years of age or older.Be a valid United States resident.Have a job with monthly income.And, you must have a current checking account at your bank.
Is the cosigner the only one responsible on the loan?
The primary borrower is responsible for making the payments and adhering to the terms of the lending contract. The cosigner is legally obligated only if the primary borrower defaults on the lending agreement or files bankruptcy (chapter 7).
Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
What is the insurance liability for the cosigner of an auto loan?
None. A cosigner is entering into a legally binding contract to repay the debt if the primary borrower defaults on the lending agreement. The cosigner does not have any other obligation nor ownership rights to the property.
How do you remove a cosigner from a credit card?
The way that can be accomplished is determined by the terms of the lending agreement. Very few, if any lending institutions would allow an account to be amended. The usual procedure is for the account to be closed leaving the original cosigner still responsible to the debt incurred up to the time of closure. The primary holder can then open another account on there own or with another cosigner.
When do you need a cosigner?
If you have insufficient credit strength for a lending institution to accept a loan you'll need a co-signer.
Does a cosigner have rights to a vehicle?
No, a cosigner only has the legal obligation to pay the debt if the primary borrower defaults on the lending agreement.The exception to this would be if the cosigner is a joint title holder of the vehicle.COSINGER!Does a consignor have rights to the vehicle if the people who is buying the car never missed a payment?
Can the lending company sue the cosigner on an auto loan if borrower doesn't make payments?
Of course. That's what co-signers are agreeing to when they co-sign.
How does a housewife get a personal loan?
At any lending financial institution
Where can one read reviews of Lending Club personal loans?
Lending Club personal loans customers can post reviews online of their experience. They can be found on websites such as Yelp, or on consumer action forums.
