Is It Safe For Two People To Take The Same Loan?

Discussion in Loans started by mildredtabitha • Sep 19, 2017.

  1. mildredtabitha

    mildredtabithaActive Member

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    I think it is very convenient for two people to take the same loan because they will be able to share in paying it back. The interest charged will be low for each party as compared to taking a huge loan by yourself.

    It is also risky when you don't really know the credit worthiness of one person because he or she might leave all the burden to you. Do you think it is safe for two people to take the same loan?
     
  2. Heatman

    HeatmanActive Member

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    I basically find it very hard trusting anyone with money and coming to think that it's a loan debt, I wouldn't be putting myself in such of being let down and out in the cold to dry when time to pay back is required and the partner I have on getting the loan defaults in paying up his own quota.

    It's better for me to get a loan that I would be able to finance it's payment when the time comes for paying up with interest, than get a loan too big and share it with someone that I won't be 100 percent certain would be up and doing when time for payment comes knocking.

    Debt embarrassment is one of worst thing that would happen to anyone, so therefore it's not a wise decision from my point of view for anyone to put himself/herself in a tight spot of experiencing such by getting a together with someone.
     
  3. Jamille

    JamilleActive Member

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    How about just taking a loan based on your needs instead of taking a huge loan only to share the proceeds and the payment with another person? I see no benefit in taking out a huge loan that you won't be using anyway and then attempting to lower the burdens of payment by asking someone to share the loan with you. You don't save anything when you share a loan with someone because you'll still be paying the same rate of interest against the amount you received. Some banks even charge higher interest rates as the loan amount gets bigger.

    There are inherent risks when you share a loan with another person, even when that person happens to be your spouse. In case of default by the other party, the co-borrower will generally have to be responsible for the payment of the entire loan as it is considered a single loan by the bank.
     
  4. Shine_Spirit

    Shine_SpiritActive Member

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    Loan is a very complicated thing, haha. I think it should only be shared if the two people get to know each other a lot, but even then I still prefer not to share that sort of thing.
     
  5. lucykey

    lucykeyMember

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    When it comes to matters of money, it really hard to trust anybody with it. Yes I agree that they will share the burden of repaying the loan that only an assumption. what if the other party defaults to pay or doesn't have enough assets to act against the loan the loan the burden remains entirely for you. Instead you may opt to take a small loan that will enable you service your plans without depending on anybody.
     
  6. Kieranlewix

    KieranlewixMember

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    I generally shy off from the mere thought of taking a loan from any source. Sharing a loan is an even more devastating thought. When it comes to issues in life, the most trustworthy people are family. When it comes to money, the least trustworthy people are also family. So who exactly should you trust with such a decision. I think the idea of sharing the risks and also the reward is sweet, but only if you are sure your co-debtor doesn't abscond and leave you to deal with the loan. Besides, I think that for one to decide to partner with another to take a loan, it must be a fortune. This definitely increases the chances of one party deciding to escape from the loan or not being able to pay it even if they stick around. I would generally discourage sharing of loans but only if the tgrust between the potential co-debtors is not up to 100%
     
  7. overcast

    overcastActive Member

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    Any type of the loan needs to be personalized. No two person can have true needs with identical loan amount. And that in itself can show you that taking same loan would be different for each one of us. And on that basis, it'd be reasonable to consider that each loan needs to be treated based on the credit line. And that could be in itself something we have to consider when it comes to loan. Not sure how many people would be having same credit score. That may surely affect as well.