Using a cosigner can help individuals with poor credit scores, high debt levels, or unstable income qualify for personal loans and potentially receive better interest rates.
A cosigner is legally responsible for repaying the loan fully if the primary borrower fails to make payments, impacting their credit score and finances.
Be sure to confirm with lenders whether you are using a co-borrower or cosigner, to ensure clarity on responsibilities and obligations during the loan process.
Using a cosigner makes sense if your credit score is fair to poor, especially when you may struggle to meet the lender's requirements on your own.
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