You might be able to boost your odds of approval by seeking out a co-signer if you need to borrow money and your financial situation isn’t the strongest. As well as on the flip side, it’s possible that someone might come to you and ask you to co-sign for their loan if you have good credit and a strong income.

The reality is that co-signing on that loan may be a win-win for both events, however it also can lead to broken relationships, destroyed credit and economic hardships for the debtor together with co-signer.