DEBT | SEP 15, 2022

5 Verses About Cosigning Loans

A person must be very cautious when cosigning a loan. In most cases, co-signing is probably best avoided altogether. When you cosign a loan, you are held financially responsible for the loan, just as much as the other signer. Late payments will impact your credit score. Their default is your default.

While the Bible doesn't say cosigning is a sin, scripture does encourage us to approach cosigning with wisdom. Here are five verses related to cosigning:

1. My son, if you have put up security for your neighbor, if you have shaken hands in pledge for a stranger, you have been trapped by what you said, ensnared by the words of your mouth. – Proverbs 6:1-2

2. Whoever puts up security for a stranger will surely suffer, but whoever refuses to shake hands in pledge is safe. – Proverbs 11:15

3. One who has no sense shakes hands in pledge and puts up security for a neighbor. – Proverbs 17:18

4. Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you. – Proverbs 22:26-27

5. Take the garment of one who puts up security for a stranger; hold it in pledge if it is done for an outsider. – Proverbs 27:13

(image used with permission)

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