A family member wants me to cosign a loan for him. What happens if he doesnt pay?
If you co-sign a loan, you are liable for repayment of the entire amount of the loan. It does not matter if you got little or none of the money. When a lender asks for a co-signer, it usually means he does not think the original borrower is going to be able to repay the loan on his own. Most lenders are in the business of lending and collecting money. It should send a strong signal to you that the person asking you to co-sign for them may not pay off the loan and you will have to step in and do so.