Oct
01
Can an Unemployed Person with Good Credit Cosign on a Secured Loan?
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My fiance and I are looking to purchase a small place ($9,000), and we have the money, but it’s all we got. In order to keep from spending it all we intend to get a secured loan for $9,000 and make payments. The only problem being I have bad credit and my fiance has no credit. Her mom on the other hand has good credit, but is currently unemployed and receiving unemployment benefits. Will the bank let her cosign on a loan since she has good credit and owns her home, or will they automatically disqualify her for being unemployed?
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3 Comments
October 4th, 2009 at 4:08 am
Do not do this…no.
October 6th, 2009 at 12:33 pm
Being unemployed, she will not be acceptable as a cosigner.
October 9th, 2009 at 2:16 am
Get a “passbook loan” from the bank you have the money in. If they won’t give you one, move your money to a bank that will. They use the money in your account as collateral/security. It sits in the account, so is there for emergency’s. You continue to earn interest on it, but they might not let you take it out except in a dire emergency.
I’ve done it, and was able to withdraw money afterwards.
If they do this, you won’t need any cosigner.