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FAQ’s
WHAT WILL YOU CO-SIGN FOR?
We will co-sign loans issued from approved lenders. Click here for a list of these partners. If your lender is not on this list, we’ll contact them on your behalf.
HOW MUCH DOES IT COST?
We charge a one time, Simple fee of 10% of the loan value. On a $2,000 loan our fee would be $200.
HOW DO I PAY YOU?
Our Simple fee is paid directly by the lender from the proceeds of the loan.
IS THIS THE SAME AS INSURANCE?
This is not the same as loan insurance that covers you for missed payments due to injury or illness. CosignSimple guarantees payment to the lender in the case of personal bankruptcy or the lender obtains a court judgement.
DO YOU PAY MISSED OR LATE PAYMENTS?
Our agreement does not cover late or missed payments. We protect your loan in the event of personal bankruptcy or once the lender obtains a judgement.
WHAT HAPPENS IF YOU HAVE TO PAY OUT MY LOAN?
In instances where CosignSimple has to pay out your loan to the lender due to personal bankruptcy or court ordered judgement, we will pay your outstanding principal amount and the debt will be transferred to CosignSimple Inc. under the terms of our Agreement.
DO I NEED TO DO A CREDIT CHECK?
No, we do not need to check your credit. If you’re recommended a CosignSimple backed loan by your lender, it means that you are already qualified under CosignSimple’s terms of service with that lender.
HOW DO I APPLY?
With Approved Lenders you only need to review and sign the CosignSimple Agreement as part of your loan Agreement with the Lender. We have pre-built integrations with our Lending partners making your experience simple. As part of your loan application, your eligibility for a CosignSimple Loan is assessed.
If you need a Cosigner for a loan with a different lender, please fill out the CONTACT FORM and we will follow up with the lender on your behalf.
WILL USING COSIGNSIMPLE AFFECT MY CREDIT SCORE?
CosignSimple can have a positive and lasting effect on your credit score when you make all your payments on time every time. The better you are at keeping your commitment to pay the faster you should see improvements to your credit score.
