If you cosign, the creditor can collect this debt from you without first trying to collect from the borrower.

Question

Quizplus · Accepted Answer

If you cosign a loan, you are equally responsible for paying back the debt. If the borrower defaults on the loan, the creditor can go after you for payment without first attempting to collect from the borrower. This is why cosigning a loan can be risky and should not be taken lightly.

If You Cosign, the Creditor Can Collect This Debt from You