Finance

When to trust a person that wants to make you a co-applicant

Medsøkerlån is a very enticing thing because of the sole reason that a loan can be approved by the help of a close person.

But for the co-borrower, this might be another story, regardless if the person that is borrowing is a, a friend or an office mate. If you are the co-borrower regardless if you have a cut on the loan or not here are the things that you need to know in order to have a hassle-free loan:

Assess your co-borrower: regardless of this is anyone very close to you and regardless if you had a cut on the loan or not you need to assess if the person you are helping or you’re co-borrowed has the capacity to pay. You might not want to sound rude or anything like that but you need an assurance that you won’t be the person shouldering that person’s loan in the long run which you never intended to in the first place.

Your capacity to pay: Your and your co-borrower might have the finances on paper and the property to show and even the age to get a loan amount that you desire but do you think you’re missing the part where you buy stuff on a regular basis?

You buy groceries, you travel, you eat out, buy clothes, go to parties, buy gadgets and much more. The important question that you ask is:

  • How much is left after every spending to pay for the loan?
  • How much is left after you pay a loan?
  • Does my co-borrower have the capacity as well to pay like me?

These questions will give you a better picture of what you are up against and a good assessment if you and your fellow co-borrower are actually capable of paying for the Medsøker lån and if the terms are just too heavy for you or not.

Review the fine print: Before you sign something legal like a loan agreement, you need to read every word of it and clarify with the loan company f there are terms that you don’t understand. Even if it’s 50 pages long you still need to read it because everything that’s there is very informative. It might not be something that you can agree on and you can still withdraw from being the co-borrower if you think it’s too dodgy.

Loans are very convenient, let’s not erase that fact. It gives us easy access to money that we wish we had in order to buy the things that we want and need. Money doesn’t just fall from the sky or just shows out of thin air. Loans are borrowed money with a legal bind that can be your downfall, make you broke and even land in jail if you don’t pay it. So before you get a loan as a co-borrower and even just the person that saves the people close to them by helping them get a loan you have to also be sure that you won’t have any problems with it.

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