Would i qualify as a co-signer if i lost my job?

Question

My brother wants me to be a cosigner for a loan, but I lost my job and am on unemployment until I find a job, would I still qualify too be a co-signer still? Will the bank require info about my job that I don't have? Please help!

Answer 1

No, you won't qualify.  Moreover, while it's nice to be helpful, co-signing a loan is a totally bad idea.  Obviously, your brother's credit is bad or he wouldn't need a co-signer.  By co-signing, you become primarily liable for the loan if he doesn't pay.  That means they will come after you without even trying to get the money from him.

It's a really good thing you don't qualify as a co-signer.

Answer 2

lots of places wont except it bcuz if the original owner cant pay they expect the co-signer too so i guess it just depends on where u go