He said he don't have credit so he want to get a loan in my name and give me the money to pay it off. What would you do if you were me?

Question

personwew · Accepted Answer

Never EVER take a loan for someone else in your name. You always risk being forced to pay the loan in its entirety on your own, and if you're not ready to do that, don't ever cosign such a contract. If the banks won't let him take the loan on his own, there are good reasons for it. He may have an income that's too low to cover the cost of the loan or he may have a history of not paying his bills. Use the bank's warning signs as your own.

Avicenna · Accepted Answer

You don’t say who he is, but no matter who he is, you shouldn’t do it. The fact he can’t borrow money means you shouldn’t loan it to him either. And you would be stuck paying off any loan you take out in your name when he decides he can‘t or doesn’t want to.

Tell him no.

Brainsbeforebeauty · Accepted Answer

No credit? Or bad credit? Even people with “bad credit” can get loans these days, they just may pay a higher interest rate. What he really is doing is trying to get a loan where you’re responsible if he defaults, not him… I definitely wouldn’t do that if I were you, even if it is your boyfriend. What would happen if you break up? He might decide he doesn’t have to pay you back.

TrueConfection · Accepted Answer

NO!

If he was reliable about paying money he borrows (bills included), he'd have decent credit.

If you cosign that loan, YOU will end up paying back the money and losing your own credit.

Tell him to save up his money instead of borrowing.

BlueScorpio · Answer

He'll no, he better start building his own credit. What are you going to do if he decides he don't want to pay off anymore or just dumps the responsibility on you? Nope, don't do it. He looking for a nurse or purse...

coachTanthony · Answer

----------Absolutely not. Politely say no thanks. Anything can happen down the road.

OlderAndWiser · Answer

How long have you known him? How much of a loan does he want? For what purpose? What assurance do you have of getting the loan repaid?

purplepoppy · Answer

Everyone has credit, what he means is his credit score is low due to not repaying in the past. If you get out the loan for him there's a high chance he won't give you the money.

He's better off going to his own bank and having a sit down chat to arrange an affordable loan. The interest rate will be sky high but at least he won't fall foul of loan shark companies.

newboy78 · Answer

I wouldn't let him do it. If his credit his low to get a loan means that he was not able to pay the previous amount borrowed in a good manner.
If he takes a loan using my name, he would for sure take advantage of the relationship we have and I might end up paying the loan and might not recover the amount at all.

midnightmoon05 · Answer

Depends what he is like. How well do you know him? Will you two be getting married next month? He has debts? Has a good job? Etc… If yiu answer no the any one of the above.
the answer is NO. If he is a decent guy, who loves you and ready to be there for you as well and you can see him and you raising a family… do the above then get a loan TOGETHER.

TheVigilantOne · Answer

RUN!!! who even is this bloke?

Not that that matters really don’t do it, if he doesn’t pay then you will be liable and unless you’ve got loads of money I wouldn’t get involved just say no you don’t want to do it if he keeps on then leave.

Static_In_The_Attic · Answer

Oh Fuck nO! He doesn’t have credit however you do & to be honest don’t let him ruin your credit. Don’t give him a dime & don’t open a loan for him.

Agirlinneedhelp · Answer

I would run for my life. Even if that's your husband, I've seen it happen waaay to much and the wife ends up paying the loan off herself or just go straight to jail.

GoodGuyBreakingBad · Answer

I would never co-sign or get a loan in my name for anyone because you could be stuck with paying on a loan. Then that could put a bad mark on your credit rating.

EmmaMary · Answer

Just don't do it, because if he ever defaults in paying, you become fully liable for the outstanding amount.

Jccowen77 · Answer

Don't do it. If he can't borrow money on his own then there's likely a good reason for that, which means you'll end up stuck paying that debt when he doesn't give you back a dime. Listen to the responses you've gotten here.

ProVox · Answer

Hell no. Don't cosign for anyone you're not married to. Most Judge Judy cases are about loans amongst family and domestic partners gone bad.

worldscolide · Answer

Dont even think about it. If he fails to pay, you're on the hook for it. Its absolutely not worth it.

Lliam · Answer

WARNING! WARNING! DANGER, WILL ROBINSON! DON'T DO IT!!!

Pudsmucker · Answer

How long would that have last. What happens if you break up with him. Who's stuck with the loan? Do not do the loan.

bowenw · Answer

Red flag. What does he need the loan for? If it's for something like buying a car, be sure the car is in your name.

Dinklex3 · Answer

He does, it's just shit lol. Like everyone else said... no.

TacosRAwesome · Answer

If you do it. Notarize that shit. Give him a time frame by when it should all be in your account etc etc.

TheSpaceGnome · Answer

Thats not going to build his credit, so whats the point of it?

FilmGuy93 · Answer

I’d laugh and say “nah dawg. Are you out of your mind?”

StanDan · Answer

Run away, as far as possible and don't look back.

Anonymous · Answer

What do you mean "a loan in your name"? What does that even mean. You can't go to the bank and say "yeah, I'd like to take out a loan but it's in her name".

Anonymous · Answer

Don't even think about it. I can 100% guarantee you will regret that.

Vegasrunner · Answer

If he doesn't have credit then you already have your answer

Anonymous · Answer

Are you willing the break his legs for the money then maybe do it, if not don't

Prettygurl12 · Answer

Absolutely not.

Nomina · Answer

Pay it off, whatever it is, myself.

andreasderjuengere · Answer

Never! Ever! Do! Such! A! Thing!

Tracker1958 · Answer

Absolutely not. No way. Don't do it.

Anonymous · Answer

No. You are liable for the loan.

rienna888 · Answer

Tell him to fuck off, sounds like a scammer

Googlemyahoo · Answer

If you want your credit ruined go for it

FireGodGoesSeeknFire · Answer

Nope.

Jmmmfi4 · Answer

Absolutely not

Anonymous · Answer

Just say no, unless he shows you the cash.

tonamimargaux · Answer

Erm no

Razp_Sorbet · Answer

Absolutely not

Stevefiveo · Answer

Run away!

LiamJHayden · Answer

Run away

KrakenAttackin · Answer

Fuck no.

He said he don't have credit so he want to get a loan in my name and give me the money to pay it off. What would you do if you were me?

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My boyfriend want to get a loan in my name because he doesn't have credit. Would you let your partner do that?

He said he don't have credit so he want to get a loan in my name and give me the money to pay it off. What would you do if you were me?

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My boyfriend want to get a loan in my name because he doesn't have credit. Would you let your partner do that?

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