

Ask HN: P2P co-signing services? - rm2904

Are people here willing to co-sign loans, rental applications, etc. for other people if they are shown info from facebook&#x2F;linkedin&#x2F;credit profiles?
Why or why not?
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rm2904
I should've mentioned - the intermediary company will take the liability for
any defaults. So, consider the case where you are getting paid a certain
amount for one credit-check (this credit check is removed from your history
after one year) and you are not taking the liability of default.

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sharemywin
I guess I'm confused how are you going to take liability for default? if you
have that much money just invest it. If not its some kind of insurance.

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rm2904
The intermediary company will be responsible for correctly assessing someone's
risk. All the money earned from co-signing could be used to pay off very few
that default (just like an insurance.) This model allows more people to access
services.

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jonaldomo
What benefit would why I have to co-sign someone else's car loan? I don't get
to drive their car... But if they defaulted, I would be on the hook.

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rm2904
the intermediary company will assume the risk of default, so you wouldn't be
on the hook.

