Co signing a Loan

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  • #5393

    Okay, I have never and hope to never co-sign on a Loan for someone. I have someone close to me that has asked. I brushed it off hoping they wouldn’t ask again but now they are asking again.

    How do you say no to this type of request when it comes to loved ones? I want to be kind but I also have my own personal goals. I know if they defaulted I absolutely could not afford this Loan.

    I appreciate your thoughts 😊


    I’ve been approached twice about co-signing on loans, once for a close friend and once for a family member. Thankfully I said no both times. Fast forward a few years and although one of them found another co-signer and the other was able to get the loan on their own, they both ended up defaulting.

    Talk about dodging bullets!!

    All of that to say, my answer would ALWAYS be no when it comes to co-signing loans. However, if you want to let them down gently, just say that you’re planning to buy a (*insert large purchase: house, car, etc.*) in the next year and really can’t afford to have any additional debt on your credit report.

    Hope that helps!


    That is great advice, Kelby. It’s so hard to say no to loved ones, even when your brain knows it is the right thing to do. I never know what to say!


    Hi Antoinette! I think some of Carla Dearing’s advice on lending money to family and friends might also apply to co-signing on a loan. Carla wrote about how important it is to be able to respond with a loving no when we can’t afford to do what’s being asked of us, and also to remember: there are other ways of helping besides giving financial support (eg giving advice and encouragement).

    Carla’s full blog post is here:

    Lending money to family or friends: Should you do it, and if so, how?


    Thanks Kelby for your thoughts and I’ll definitely check out that article Cara!

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