DOVEPEN 0 Posted December 10, 2020 Share Posted December 10, 2020 I would like to know how reliable and trustworthy are some companies professing to seek cosigners on behalf of clients for a fee. I am having difficulty finding a cosigner for a private student loan. The company I saw on the internet charges some $39 as service fee for locating a potential cosigner I am sceptical. Thanks for your anticipated insightful replies Quote Link to post Share on other sites
greenmood 245 Posted December 26, 2020 Share Posted December 26, 2020 That sounds incredibly sketchy. Quote Link to post Share on other sites
HONEYCUT 1 Posted December 28, 2020 Share Posted December 28, 2020 In a nutshell, is there anyone on the forum who have succeeded in getting a creditworthy cosigner for a private loan through cosigner finder? Thanks Quote Link to post Share on other sites
Apollo1 18 Posted December 28, 2020 Share Posted December 28, 2020 This is just beyond stupid. Quote Link to post Share on other sites
ChristianPrePA 1 Posted January 2 Share Posted January 2 On 12/9/2020 at 11:29 PM, DOVEPEN said: I would like to know how reliable and trustworthy are some companies professing to seek cosigners on behalf of clients for a fee. I am having difficulty finding a cosigner for a private student loan. The company I saw on the internet charges some $39 as service fee for locating a potential cosigner I am sceptical. Thanks for your anticipated insightful replies In my opinion, no one would take that level of risk. Especially for $39, when they could be liable for thousands of dollars. 1 Quote Link to post Share on other sites
DOVEPEN 0 Posted January 10 Author Share Posted January 10 The company, cosigner finder charges $39 as service fees for securing a potential cosigner. The cosigner and the student applying for the private loan will agree on a specified sum to be paid by the student to him/her for taking the risk. I came across a single post in the student doctor forum in which one student alleged to have used such a facility to pay for dental school.That company was located in Texas according to the student but is no more since 2018. The one mentioned in this post seems to be located in Maryland.j Quote Link to post Share on other sites
Boatswain2PA 1,924 Posted January 17 Share Posted January 17 On 12/9/2020 at 10:29 PM, DOVEPEN said: I would like to know how reliable and trustworthy are some companies professing to seek cosigners on behalf of clients for a fee. I am having difficulty finding a cosigner for a private student loan. The company I saw on the internet charges some $39 as service fee for locating a potential cosigner I am sceptical. Thanks for your anticipated insightful replies I urge you to rethink how you are doing things in life. If you need to pay for a random cosigner for private student loans then we can reasonably infer that you have maxed out federal student loans, and are unable to get other student loans due to being in massive debt. Our culture has normalized massive debt, and our government has aggravated this by pushing banks to loan money at very low risk to people who will struggle for their entire lives to pay it back. This not only sets you and others up to struggle for your entire life, but it damages the profession as well as it drives desperate people to take any job that could pay their debts. For your specific question - I would imagine this is an untenable business model. No sane investor would make themselves responsible for a portion of your massive debt that you could simply ignore while ruining their debt. If an investor wanted to in est in such endeavours it would be less risky to their own credit to simply loan you the money directly (Ie: a personal loan). 1 Quote Link to post Share on other sites
ChristianPrePA 1 Posted January 18 Share Posted January 18 On 1/9/2021 at 10:50 PM, DOVEPEN said: The company, cosigner finder charges $39 as service fees for securing a potential cosigner. The cosigner and the student applying for the private loan will agree on a specified sum to be paid by the student to him/her for taking the risk. I came across a single post in the student doctor forum in which one student alleged to have used such a facility to pay for dental school.That company was located in Texas according to the student but is no more since 2018. The one mentioned in this post seems to be located in Maryland.j If this is the company you're referring to, here's their Better Business Bureau link: 1/5 stars, dozens of complaints filed, etc. It's a scam, plain and simple. Run away, fast. Don't attempt to "beat the system". You might have to take a year off from college and work full-time if you can't afford college with working part-time and applying to scholarships (I hope you're already doing these two things). But if you're already in a ton of debt, the last thing you want to do is get scammed for more money. I'm not even sure the legality of paying someone to co-sign on a federal loan, don't end up in thousand dollars of debt and jail time by trying to get a piece of paper. Like Dave Ramsey says, "don't let your dream turn into a nightmare". Time is on your side my friend, take a year off and figure things out! Reset, and do it the right way. Quote Link to post Share on other sites
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