1. 10-11-17 08:22 PM #1
    jjgold
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    Question: Co Signing A Loan

    My buddy looking for co signer and none of his buds want to do because afraid of default.

    Do you have any ideas for him to try and convince family and or friend to do it for him??

    He wants cash for mobile repair store.
    Kid has a rep for casino habit but he quit 4 years ago.

    Help
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  2. 10-11-17 08:33 PM #2
    MinnesotaFats
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    If he's buying an existing business ask the seller to carry the note with 30% down.

    He'll need to borrow way less and the seller will be on the hook but able to take back company in event of default.

    If buying new company or asset 'no way jose', one man shop too risky, he gets hurt it's dead.

    If family loan small enough could tie it into a whole life policy purchase on him so heirs taken care of down the road if he's 50 years old +
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  3. 10-11-17 08:44 PM #3
    VeggieDog
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    Never, ever, ever, cosign a loan for anybody. For any reason.
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  4. 10-11-17 08:55 PM #4
    jjgold
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    That’s what everybody says never sign for a loan

    Plus the business makes very little money it’s not negative but it’s small positive
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  5. 10-11-17 08:57 PM #5
    MinnesotaFats
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    How much is he looking to borrow? What actually comes with the purchase? Truck? Contracts? Tools? Etc?
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  6. 10-11-17 09:52 PM #6
    Hu$tle
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    hhave someones great aunt margret sign
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  7. 10-11-17 11:14 PM #7
    BuckyOne
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    I would not cosign for the Pope! I guess that is the way Warren Buffet started but, wow, this person has zero collateral? nada, zilch, butkus? What size of a loan is he interested in?
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  8. 10-11-17 11:15 PM #8
    d2bets
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    Never co-sign for anyone. Make the loan direct if you want to, but no co-signing.
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  9. 10-11-17 11:18 PM #9
    Ra77er
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    Jj help him out

    it’s a business

    just keep an eye on him
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  10. 10-12-17 12:25 AM #10
    eidolon
    USA
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    Never co-sign for less than a pound of flesh.
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  11. 10-12-17 05:46 AM #11
    jjgold
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    Thanks men

    I cannot co sign..credit score 115
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  12. 10-12-17 06:42 AM #12
    Itsamazing777
    Not interested....
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    Front him the cash
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  13. 10-12-17 08:29 AM #13
    flyingillini
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    The best part about this thread is people actually think JJ is serious with this post.
    Nomination(s):
    This post was nominated 1 time . To view the nominated thread please click here. People who nominated: Sam Odom
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