Take the garment of one who puts up security for a stranger; hold it in pledge if it is done for an outsider.
This verse points out that a cosigned loan is not going to be paid. If someone is cosigning a loan that you are issuing, then you’d better get some collateral. The loan won’t be paid back. You can easily reverse rolls and see that if you’re consigning a loan, you’re going to be paying the loan. Don’t cosign.