Freestone Credit Union

Loan Rates

Please call the main office for special promotions and discounts at: 254 739-2594 or 800 737-8440

Co-Signing: Think Before Inking

If a friend or relative asks you to co-sign a loan, think of it as a serious business decision and evaluate the risks.  By co-signing a loan, you agree to all its terms and conditions.  If your friend or relative misses a payment, the credit union can collect from you right away, even without pursuing the borrower first.  So be sure you can afford to pay the loan.  Remember, if the account becomes delinquent, it’s your credit rating that’s on the line.  To avoid surprises, you can ask to have the statement sent to your address or ask the person you co-signed with to send you a copy of the statement.  You also can ask that the credit union notify you if the borrower misses a payment.  This way you will have time to deal with the problem, avoiding further late fees or making back payment without having to repay the whole amount.

 

Updated 4-10-2008