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Relevance of Cosigner with Leap Finance

Relevance of Cosigner with Leap Finance

Education loans are one of the options that you have, and we think it is the safest of the lot. You get low ratesfull loan amountflexible disbursements, and it won’t drain your parents’ finances too. When you think of getting one of such loans, you either need collateral or a co-signer (also known as co-borrower) as your security. In today’s article, we talk about the latter and why they are essential for the fulfilment of your dreams.

Who is a traditional co-signer?

A traditional co-signer is a person who agrees to clear the debt in case the borrower fails to do the same. A person co-signing needs to have a good credit score along with a long credit history. Even if you do not have collateral, a good co-borrower increases the chance of your loan approval.

Leap Finance does not require a traditional cosigner.

What do traditional co-signers do?

When you are in an education loan space, most of those who need loans do not possess credit history. Typically, co-signers are especially crucial for those who are taking a loan for the first time. It saves them from facing the inquisitiveness and unsure nature of the lender. Even though they are so important for your loan approval..if you have the opportunity to get a co-signer on board, make sure to avail the opportunity.

It will help you get reliable transportation, get better dwelling facilities, and live in a better environment. With the helping hand of a co-signer, a student can venture for higher studies without having to worry about the failure of repayment.

Leap Finance does not require a traditional cosigner.

Is a co-signer necessary for credit assessment?

At Leap Finance, we take a different approach for assessing the credibility of those who want to study abroad. It includes the after-effect of having good education from a top global institution, which is synonymous with high earnings in the coming years.

Due to this, we base our assessment on your merit and your expected professional life. Indians are one of the most sought after globally, and we lend unwavering support in their growing years. Hence, we do not look at a co-signer for credit assessment.

Then why does Leap Finance require a co-signer after all?

At Leap Finance, we do not need co-signers for assessing the credit. Rather, we need them to stay in constant touch with the borrower. The original borrower may be traveling across several continents, and it can be difficult to contact them whenever we so desire.

This makes our approach of needing a co-signer very different from how traditional lenders look at co-signers.

Having a co-signer makes us feel comfortable with what we are offering and to whom. We offer the lowest fee (without any hidden charges), and you get the entire payment within a few days. So, what are you waiting for?

Click here to apply for a loan today!

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