Sometimes desperate times call for desperate measures. Those looking to secure loans are now starting to turn to craigslist to find co-signers if they don’t have good enough credit to secure a loan.
Scroll through craigslist financial services section and you’ll find ads for people seeking cosigners for personal loans, student loans, and auto loans. Some seek co-signers for home loans and even rentals. Many of those looking for co-signers offer to strike deals by providing a lump sum in exchange for a signature. You can make anywhere from a couple hundred to a few thousand an exchange for co-signing a loan.
There are even companies who are willing to try to find co-signers for those who seek them. However, it is easy for many to end up getting scammed. According to CNN one person who sought out a co-signer got responses to his ad, but only by people looking for money upfront or access to his bank account.
He isn’t alone as CNN found people looking for someone to co-sign for a motorcycle, personal loan, and someone else offering $5,000 to the person who co-signed for a business loan. In New York City one person was seeking a $3,000 loan so that they could enroll in credit repair services.
Co-signing for a loan is risky business as you can be held just as accountable for an unpaid loan and you’re risking your credit history should the borrower default. In this new trend both parties are participating in risky fiscal behavior.
Peer-to-peer lending is one option those who are in need of finding a co-signer may want to consider. Instead of seeking craigslist co-signers, turn to a company like AmOne to get connected to a lender that is right for you. If bad credit is what’s stopping your from applying for a loan, AmOne can also help you get connected with credit repair or credit counseling services. Contact AmOne today to find a financial solution that is right for you.