Will you sign shortee for your SO?

[Gloree]

Will you agree if he/she asks you to be a guarantor if they want a loan?

Im advising my friend not to do it for her boyfriend. What's your take on this?

Updates

+1 y

-2 years is how long they date.
-Loan is for rent. The loan will be paid by his salary. He wants to move away from his parents house and to his own apartment.
-Amount is 500
-No security or collateral is he offering cause he has nothing, really.
-repayment period is about 12 months

[Anonymous]

Judge Judy says no (and she's right :-) ).
The relationship ends. You're left with paying back the money. You want financial integration? Get married.

[Guy13]

Do not do it for the following reasons:

[Gloree]

I was expecting a list of reasons

[Guy13]

As one who also has rental properties, it can be a train wreck. It’s bad enough with the Boy, Girl and/S O of the moment sign a lease. And, “there’s something I didn’t know” happens and one party gets violated in some way AND vanishes…. still legally bound to a lease term…anywhere from 1800.00 or as much as 18,000. Plus USD. And rehab costs. No car loan for those two outside of the loan shark car dealers.

[Guy13]

There are but lots of people first “loan” is a lease for rental unit. As long as the individual guaranteeing the loan considers it a gift THEN no problem. He should expect to be liable for the whole amount. It’s the guarantor is who the bank comes after. They know the other party has no means. How many repossession do I see post COVID…. It’s not likely the girl renting the 1200.00 i bedroom dog house can afford that range-rover repo on credit…for 7 to 10 years. It gets updated SO that another 7-10 cycle will be instituted.

[Gloree]

Thank you so much for this analysis. My fears exactly.

[Guy13]

Glad it helps. Be safe 👍

[OlderAndWiser]

1. How long have they been together?

2. What is the purpose of the loan?

3. What amount and what is the repayment period?

4. Is he offering her any security or collateral for the obligation?

[Gloree]

-2 years is how long they date.
-Loan is for rent. The loan will be paid by his salary. He wants to move away from his parents house and to his own apartment.
-Amount is 500
-No security or collateral is he offering cause he has nothing, really.
-repayment period is about 12 months
-

[OlderAndWiser]

If his income is insufficient and he needs a loan to make the initial rent payment, how will he be able to pay the rent AND a loan repayment out of his income the following month?

[Gloree]

I really don't know

[OlderAndWiser]

Sounds like a high probability that she will be stuck repaying his loan

[LazerBean]

For a spouse, yes. For a boyfriend, absolutely not.

[AndrésC64]

Is the $500 a one-time deal? And what do you mean by it will be paid by his salary?

If it's just a one-time deal then I'd probably do it. But if this is going to be paying his rent every month, then that's a completely different thing.

[Gloree]

It means he is making an arrangement where the loan repayments will be deducted monthly from his salary

[Gloree]

And yeah. It is one time. Just for his first move

[exitseven]

I think if we were not married I might not do it.

[Bmories99]

No, however we have agreed to buy certain things using either her credit or mine to improve our scores and maintain our credit history.

[roy_ricky09]

Absolutely not unless it's family

[EaterPeter]

Depends

[EaterPeter]

Thanks for like! Mostly no. Tho I am about to sign one.

[Gloree]

For your wife or girlfriend?

[EaterPeter]

Kind of

[Gloree]

Love is blind. Just be careful

[EaterPeter]

It's not love. It's a commitment

[EaterPeter]

And thanks

[EaterPeter]

Or liability

[Jamie05rhs]

Hell no. Don't do it.