What is a cosigner?
A cosigner is a friend or family member who trusts you and knows you can repay the money. They promise to make the monthly repayments if for any reason you cannot do so.
Who can be cosigner?
Your cosigner needs to be someone who knows you and trusts you.
They need to have a good credit score (ideally over 600) and be able to afford the monthly repayments. Cosigners who own their own home are more likely to be accepted.
Why do I need a cosigner?
We believe that a cosigner knows much more about you than an automated computer score. They know you better than anyone else and they'll know if you'll honour a loan agreement, and if you can afford the monthly repayment. So we've built our loans around trust; If your friends and family trust you, then we do too. That's why we don't base our loan decisions on a computerized credit score or how you've handled money in the past.
What do I need to do?