If you cosign a loan, all of the following are true except,
A)you are being asked to guarantee the debt.
B)it is your legal responsibility to pay the debt.
C)you'll have to pay only a portion of the debt if the borrower does not pay.
D)the creditor must first try to collect from the borrower.
E)the creditor can garnish your wages.

Question

Quizplus · Accepted Answer

If the borrower does not pay, the cosigner is equally responsible for the entire loan amount, not just a portion of it. So, option C is false.

If You Cosign a Loan, All of the Following Are