Tips and Advice

Consumers Turn to Craigslist to Find Cosigners

Did you know that more consumers are turning to Craigslist to find co-signers for loans? Learn more about this surprising trend on the AmONE blog today.
woman with cosigner
Edited by:
Kristin Marino verified

If you need a personal loan but feel like you’d never qualify for one, you might be surprised at what a service like AmONE can help you find a loan that works with your credit history and income.

Even if you have a hard time qualifying on your own for a personal loan, we can help you find companies that offer cosigned and joint personal loans. This means that someone would go on the loan with you and guarantee that the loan could be paid back, You might be able to ask a parent, spouse, or sibling to cosign on a personal loan.

There is another unique, though questionable, method for finding a cosigner. Those looking to secure all kinds of loans have turned to Craigslist to find cosigners if they don’t have good enough credit to get a loan on their own.

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How Does Getting a Craigslist Cosigner Work?

Scroll through the Craigslist financial services section and you’ll find ads for people seeking cosigners for personal loans, student loans, and auto loans. Some seek cosigners for home loans and even rentals. Many of those looking for cosigners 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 in exchange for cosigning a loan.

There are even companies that are willing to try to find cosigners 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 from 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 a 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.

Alternatives to Craigslist Cosigners

Peer-to-peer lending is one option those who are in need of finding a cosigner may want to consider. Instead of seeking Craigslist cosigners, turn to a company like AmONE to get connected to a lender that is right for you. If bad credit is what’s stopping you 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.