2006-09-01 04:04:57 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
If It is a short term loan, a week or two, I would probably go along with it. Just get everything in a promissory note, not just a hand shake. If it is a long term loan, probably not.
There is a thing called imputed (I think I spelled it wrong)interest.
This is paying taxes on interest that you are not charging for on your taxes.
2006-09-01 04:09:11 · answer #1 · answered by kny390 6 · 0⤊ 0⤋
Like you are being used. The banks don't finance anyone without interest. Please don't co-sign for anyone, you are responsible for the debt if the person defaults. They will come after you because you obviously is the one who have the steady employment this is why the other person needs a co-sign.
Beware, pls many get trapped this way. If its a family member I would still get a promisory note if you don't want to charge them interest that is your business, but do get a note saying they owe you the money.
2006-09-01 04:11:08 · answer #2 · answered by Neptune2bsure 6 · 0⤊ 0⤋
It depends. If it's one of my kids or sisters, and the loan is short term, then sure, I'd do it and not charge interest. Or a friend, for $5 or so for a week or two, yes. An unrelated person - no way!
2006-09-01 05:53:23 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
as the funniest thing i've ever heard. proposterous.
no exceptions
2006-09-01 04:11:16 · answer #4 · answered by stephenalan 3 · 0⤊ 0⤋