 TITLE: Can You Get a Personal Loan With a Cosigner? CONTENT: What Are the Risks of Using a Cosigner for a Personal Loan?\n-----------------------------------------------------------\nPartnering with a cosigner can be an effective way to qualify for a personal loan, but it doesn't come without risk. When someone agrees to cosign your personal loan, the loan will show up on both of your credit reports.\nOn-time loan payments on the account can help a cosigner build credit, but any missed payments will have a significant negative effect on the primary borrower's credit as well as that of the cosigner. If the account is ultimately defaulted on, there will be a further drag on credit scores, and the potential for other financial and legal repercussions for both borrowers.\nPayment history is no small thing, as it accounts for 35% of your FICO® Score☉ . And because the personal loan will figure into the cosigner's debt-to-income ratio, it could also affect any credit applications they seek going forward.\nFinancial repercussions aside, asking a friend or loved one to be a cosigner could complicate your personal relationship. If things don't go as planned, you could risk jeopardizing that bond. It's also worth noting that most lenders won't allow you to remove a cosigner from the account unless you're able to refinance it with a new loan that's only in your name. For these reasons, it's wise to have an open and honest conversation with a potential cosigner from the get-go. Communicate to them why you're seeking the loan, why you need their help, and your plan for making good on your payments should they agree to cosign. If you encounter trouble repaying the loan, let them know as soon as possible. END