Where to find a cosigner for a loan

With a secured credit card, you typically make a cash deposit to serve as collateral for the credit card issuer. Your credit limit is typically equal to or a percentage of your deposit. Learn more about how to build credit with our step-by-step guide. It may be time to get creative. But keep in mind that the best rates and loan terms go to those with higher credit scores. Whether they include borrowing from a friend or family member, or working to establish your credit history, working on your credit might eventually eliminate your need for a co-signer.

Image: Young man speaking on the phone while sitting in front of a laptop and considering what to do when you can't get a cosigner. Advertiser Disclosure We think it's important for you to understand how we make money. When interviewing for my first real job, I hesitated at a question posed by my prospective employer. NMLS , is referred to here as "Credible.

There could be some lenders that work with you, but many see a low credit score as risky and might just offer higher rates. A cosigner is a person who agrees to sign onto your loan and be legally obligated with you. Although not all lenders allow cosigners, you can usually apply with one on many types of loans, including:. Having a low credit score can be a dealbreaker with lenders. They equate bad credit with irresponsible credit use. This means you might have bad credit — or no credit history at all — which means you might need the help of a cosigner.

See Your Rates Checking rates will not affect your credit. A creditworthy cosigner could secure you an even lower interest rate, too, even if you can qualify by yourself. If you need to consolidate debt or finance a bigger purchase, you might be looking into taking out a personal loan.

If you have poor credit , high debt or some other financial blemish on your record, you might find it hard to borrow money. And if you do qualify? It could mean sky-high interest rates as a result. A cosigner is someone who applies for a loan, credit card or even a mortgage alongside you.