Newsletter - Reasons Not to Cosign a Personal Loan

This is your Newsletter. [LPB]( [LPL]( [LetmePayday Newsletter]( You Might Like     [Learn more about Jeeng](  [4 Reasons Not to Cosign a Personal Loan](  [4 Reasons Not to Cosign a Personal Loan]( Will you regret cosigning a personal loan? Personal loan lenders check the credit and income of borrowers before they provide them with a loan. If their financial credentials aren’t good, they may be denied the chance to borrow without a qualified cosigner. If you have good credit, there’s a chance some day your loved ones may ask you to be that cosigner. That would mean you apply for the personal loan with the primary borrower; your credit would be evaluated by the lender, and you’d become legally responsible for the loan too. While it’s tempting to provide that type of help, the reality is that there are many reasons why you may not want to guarantee a loan for someone else. Here are four of them: 1. You may be responsible for paying it off If you cosign a loan, you agree to vouch for the primary borrower who is taking on the debt. Essentially, you’re committing to pay back the lender if they don’t. As a result, you could very well get stuck paying back some of the borrowed amount. [[icon] Read MoreÂ](  [Find your ideal health insurance in minutes.](   [Emergency Fund: How To Start and Build Yours](  [Emergency Fund: How To Start and Build Yours]( An emergency fund is money set aside to pay for an emergency situation or unexpected expense that isn’t included in your everyday budget. Not having this type of fund in place could easily decimate your budget for months to come, especially if you suddenly have to pay hundreds of dollars for a medical expense or car repair. And if the prospect of having to come up with extra money to cover unexpected expenses alarms you, you’re not alone: 37% of American families would struggle to cover an emergency expense of $400, according to the Federal Reserve. To help avoid a dicey financial situation and be ready when the unexpected hits, find out what qualifies as an emergency, how much emergencies commonly cost and how to start funding your account right now. Why Do I Need an Emergency Fund? While what qualifies as an emergency for one person may not for another, most true financial emergencies fall into one of these categories: -   Automotive -   Medical -   Unemployment -   Home repairs -   Family emergencies, including emergency travel expenses [[icon]Read MoreÂ]( You Might Like     [Learn more about Jeeng]( Connect with LetmePayday on Social Media Pages [Facebook]( [Linkedin](    [Unsubscribe](