Should You Cosign a Loan?

Should you cosign a loan for someone who needs your help or could it spell disaster? Cosigning a loan for someone guarantees the lender gets the full amount of the debt paid by you if the original borrower can't pay.

The reason a lender asks for a cosigner on a loan is because the borrower does not meet their loan guidelines. The lender feels the loan is too risky for the borrower on their own and wants a cosigner to assume that risk as a precaution to secure the debt.

In most cases the lender will not approve the loan without a cosigner. The borrower knows that the loan will be turned down unless you agree to cosign.

Often a parent might be a cosigner on a loan to help their child get a first loan. A relative or close friend could also need financial help. No matter what the reason, if you decide to accept this responsibility here are a few things to consider.

Think about the worst case scenario first to make sure you have the ability to pay the full amount of the debt. You are liable for the total loan amount and that means your assets and even your credit score could be affected if you can't pay.

Depending on the state, creditors have many different ways to collect the debt. Some states allow creditors to collect the debt from you without first trying to collect from the borrower.

While other state laws forbid creditors from collecting from a cosigner without first trying to collect from the original borrower. You could also be liable to pay late charges or even attorney fees if the lender sues to collect.

You should also consider the liability for cosigning a loan may keep you from getting other credit because creditors consider the cosigned loan as one of your obligations.

If you use your car to secure a loan, you should realize what the consequences could be. If the borrower defaults, you are putting your car at risk because if you can't pay you could lose it.

Sometimes you may even put property you own or even your home up to secure debt for a cosign loan. Think carefully if you do this because you are risking the home you live in and those consequences are high.

Here is a good tip if you do cosign for any loan, ask the lender to agree, in writing, to notify you if the borrower misses a payment. That allows you enough time to make any back payments if the original borrower has problems.

Always get copies of all loan documents and contracts even if you have to make copies from the borrower's copies. That way if there are any disputes between the lender and borrower you will know what the contract says quickly.

Sometimes it makes sense when cosigning a loan for someone in need. Just use your good common sense and weigh all of the risks before you cosign a loan.

Copyright ©  2005  Credit Repair Facts.com  All Rights Reserved.

This article is supplied by Credit Repair Facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: Credit Related Articles

Choosing Universal Home Gyms

In determining the many options of universal home gyms to purchase for your home you need to define your goals and consider the type of stations that can help you reach those goals.

Numerous homes are littered with unused universal home gyms that substitute for clothes hangers. In order to avoid this, choose a home gym with the stations that will give you the right kind of workout.

Do you want to lose weight, build strength or just maintain your current muscle tone? It really pays off to do your homework and read what muscle group each station will workout.

Multi station home gyms offer you a complete strength building workout for the entire body. Depending on the model, universal home gyms with multi stations allow for more then one person to workout at once.

This is ideal for a couple or a family that realizes the importance of keeping fit. The multi station home gyms are designed to offer a full body workout in a compact design.

You still need to consider placement of universal home gyms so you will have plenty of room and your workout area is sufficient. Designing a Home Gym offers some good tips on considerations of your home gym location.

Universal home gyms can provide health club quality strength training in the comfort of your own home. If time is a factor they are an ideal way to stay in shape.

The important thing to remember when choosing universal home gyms is to get the right one so you will work out regularly and reach your fitness goals.


More information on
Universal Home Gyms

Copyright ©  2005  Treadmill Info.com  All Rights Reserved.

This article is supplied by Treadmill Info.com where you will find valuable information, ratings, reviews, fitness articles and buying tips before you make the investment in quality fitness equipment.  For more fitness and weight loss related articles go to: Fitness Articles

Coffee Maker Buying Tips

Here are some good buying tips to consider if you are looking to replace your aging coffee maker or giving one as a gift.

While the glass carafe is breakable, it still remains the most popular by far and is the easiest to clean.

A thermal carafe has the advantage of keeping your coffee or tea hot for a couple of hours without having to keep the coffee on a hot burner and slowly degrading the flavor.

Here is a buying tip if you or your gift recipient are dealing with limited counter space. Consider a coffee maker grinder that has both functions in one unit.

If you frequently entertain consider a dual coffee maker that features double brewers for brewing two pots of coffee simultaneously.

You can brew a lot of coffee at once or make one pot of caffeinated and one pot of decaf all at the same time.

Another good buying tip to consider is a new coffee pod brewer over a standard coffee maker. They are quick and convenient, provide variety, and require very little cleanup.

Coffee pod brewers use individually packaged pods of ground coffee, the pod machine quickly brews one cup of coffee directly into the cup or travel mug.

The individual pods provide users with the ability to brew a different coffee according to tastes.

Additionally, coffee pod brewers are also able to brew tea using preportioned tea pods.

If you are looking to buy a coffee maker or give one as a gift, hopefully these buying tips will make your choice a little easier.

Copyright © 2005   Best-Coffee-Makers-Online.com   All Rights Reserved.

This article is supplied by Best Coffee Makers Online.com where you can easily shop and compare the best coffee makers available at great values.