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Loan risk for guarantors
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[QUOTE="PICKFORD, post: 298263, member: 37913"] Another important consideration when taking out a loan for someone else is the impact on your own financial situation. If you are unable to make loan payments because the primary borrower is unable to repay the loan, your credit score may suffer, which can affect your ability to obtain credit in the future. Additionally, the debt associated with the loan may increase your debt-to-income ratio, making it more difficult for you to obtain additional credit. If you have existing debt, taking on additional responsibility for someone else's loan can also make it more difficult to manage your own finances. In some cases, co-signing a loan may even put your own assets, such as your home or car, at risk if the lender seeks to recover the debt through legal action. [/QUOTE]
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