If you cosign a loan:
A)you are only responsible for half of the debt obligation.
B)you will be asked, but not required, to pay the loan in full if the borrower fails to pay.
C)you will be required to pay the loan in full if the borrower defaults on the payments.
D)the creditor must first try to collect from the borrower.
E)the creditor is prohibited from garnishing your wages if you refuse to pay the loan in full.

Question

Quizplus · Accepted Answer

If you cosign a loan, you are agreeing to take full responsibility for the debt if the borrower defaults on the payments. This means that the creditor can come after you for the full amount owed, and you will be held legally obligated to pay the debt. It is important to carefully consider the risks and potential consequences before cosigning any loan.

If You Cosign a Loan