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Loan Information - Think Before you Borrow

 

Think before you borrow?

 

Better Business Bureau (BBB)


Points to read before you commit to a loan.

  • You are being asked to guarantee a debt. If the borrower doesn't pay the debt, you will have to. Be sure you can aford to pay if you have to, and that you want to accept the responsibility.
  • You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs.
  • The creditor can collect this debt from you without first trying to collect from the borrower. The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, taking your wages, etc. If this debt is ever in default, that fact may become a part of your credit record.
  • Be sure you can afford to pay the loan. If you are asked to pay and you cannot, you could be sued or your credit rating could be damaged.
  • Before you take on a loan, consider that even if you are not asked to repay the debt, your liability for this loan may keep you from getting other credit you may want or need.
  • Before you use your property, such as your car or home, to secure the loan, make sure you understand the consequences.
  • Ask the lender to agree, in writing, to notify you if the borrower misses a payment. This will give you have time to deal with the problem or make back payments.
  • Obtain copies of important papers, such as the loan contract and any warranties if you are commit for a purchase. The lender is not required to give you these papers; you may have to get copies from the borrower.

© 2003 Council of Better Business Bureaus

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OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.