Loan money to any borrower safely by requiring a cosigner
If you’re making a loan to someone with little or no credit history (or questionable credit), it may make sense to require a cosigner or two on the written agreement. When a cosigner -- typically a relative or friend of the primary borrower -- cosigns on a loan, they assume responsibility if the borrower can’t repay the debt. When you use it in tandem with one of Nolo’s Promissory Notes, the Cosigner Provision can:
give you peace of mind when extending credit to riskier borrowers
act as a loan repayment insurance policy (each person who cosigns a loan is 100% responsible for repayment if the borrower can’t pay)
provide full, written disclosure of cosigners’ potential liability for debt under the loan
Take some of the risk out of the lending process by adding a Cosigner Provision to your Promissory Note.
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