Proverbs 20:16

Take the garment of one who puts up security for a stranger; hold it in pledge if it is done for an outsider.

Proverbs 20:16

This verse was tagged as:
cosigning debt 


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.

Unless otherwise noted, the Bible verses quoted are from the New International Version translation of the Bible.
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