I let someone use my name for a loan and the payment is now 2 months delayed, what should I do?

[tyrim88]

The truth is that the loan company have no other choice than to make you pay this money. What is left is for you to decide what to do in terms of repaying the loan as soon as possible. It is already 2 months and there must have been massive interest accrued already.

That is just the true fact,because what the person just did is like standing like a guarantor for the loan beneficiary,it is just good for the person to think on how to repay the loan to aviod acumulated debt.

 

[Good-Person]

That is just the true fact,because what the person just did is like standing like a guarantor for the loan beneficiary,it is just good for the person to think on how to repay the loan to aviod acumulated debt.

The fact of the matter is that it is also illegal to use someone's else's name when it comes to applying for loan. This is because this could cause many problems for the borrower and lender as well.

 

[tyrim88]

The fact of the matter is that it is also illegal to use someone's else's name when it comes to applying for loan. This is because this could cause many problems for the borrower and lender as well.

It is never a good move to make use of someone else details to apply for a loan facility,but in that case,the friend make use of his own account to get a loan for his friend who later did not pay him back.

 

[Alisco]

I trusted enough and let my cousin use my name for a loan because he's a minor. His father promised he'll always pay on time but the loan is already delayed for 2 months now. The platform we used to get the loan has been contacting me and telling me they'll sue me but I don't have enough money to pay for the loan because I am just earning enough.

Have you ever experienced the same? What did you do?

I experienced similar case as yours but I resolve the problem in less than a week. I simply contact the customer care number and lay down my complaints with relevant evidence of repayment.

 

[GoldenLady]

If you signed the contract to borrow money, you are on the hook my friend. If you really don't have the money to repay it, your only hope is to file for bankruptcy and there goes your credit rating for the forseeable future.

What of if you only agreed to be a guarantor for the loan? Shouldn't you only be required to ensure the person pays back, but not paying back the loan with your own money?

 

[Agbalagbaa]

You could just pay up the amount since you already signed that in case he fails you would be held accountable. I believe that you know the implications before signing.

 

[Shigobad2020]

This is a very bad thing to do because I also experienced the same thing , I helped a friend used my name in securing a loan online and he couldn't pay the loan back in due time which causes the increment in the loan daily , and the loan company calling me everyday , I later paid the loan by myself to avoid my name being dragged to the mud .

 

[Smiles20]

That is just the issue,because when it will be time for you to get a genuine loan to do some very important prospect both personal or as a business,that access would just be blocked,and that would give you a set back.

This is essentially going to be the biggest setback and I really wish that you did not allow anybody to take a loan with his details in the first place. It basically just means that everything is on him.

 

[tyrim88]

This is essentially going to be the biggest setback and I really wish that you did not allow anybody to take a loan with his details in the first place. It basically just means that everything is on him.

That is just one if the disadvantage of using your details to get into a such loan facility for someone,you will not only get penalty for not paying on time,your credit record will be dented and that is not a good one for a business person.

 

[Ronny_4son]

I trusted enough and let my cousin use my name for a loan because he's a minor. His father promised he'll always pay on time but the loan is already delayed for 2 months now. The platform we used to get the loan has been contacting me and telling me they'll sue me but I don't have enough money to pay for the loan because I am just earning enough.

Have you ever experienced the same? What did you do?

This is a really unenviable and unfortunate position to be in. Your goodwill being used against you is really harsh, I must say. However, you have to confront the defaulter and admonish them to pay

 

[eLdavis]

The first mistake you made was to allow your cousin use your name. From what i have learnt, when it comes to money you cant trust anyone honestly. You have just two options, either you find your your cousin and make him pay or you have to pay it on his behalf.

 

[Abigael]

I am in the same situation right now. My brother has not paid a loan that he made me a guarantor in. Now I am being contacted a lot by those people that I have started ignoring them. These loan lending apps in my country have been know to contact people a lot like that but they never do anything about it.

 

[Jonaville]

The truth is that the loan company have no other choice than to make you pay this money. What is left is for you to decide what to do in terms of repaying the loan as soon as possible. It is already 2 months and there must have been massive interest accrued already.

I think you need to report to the police and that is why you need to be very careful about anybody who wants to make use of your information to take loans

 

[Nomad]

If you let someone use your name and documents to access loans and if the person defaults on loans, you will surely be caught. YOu cannot just say I did not use the money, by signing documents you agreed that you will pay the loan. I have done this once, and it was for a close relative, and until this day I regret the decision.

 

[Grant]

Did you co-sign with the minor or his father? Or did you outright take the loan out in your own name and gave them all the money? Unfortunately if it's the latter, there's not much you can do aside from getting the rest of that money back from them and requesting they pay the sum that's currently due. I don't even know if you have a legal case for getting the money back, you'd probably have to take your cousin's father to court to get the money back if they're not honoring the deal you guys set up.

Also police won't help in this case, because you took out the loan in your own name and willingly gave the money to someone else. You would have to take it up with them either personally or take legal action against them. Sadly the only way to get that money back is to hope and prey your cousin and his father pays it back. If that money is still even around and not spent.

I would request whatever remaining money is left and pay that back to the loan people, and try to set up some payment plan to pay the rest back.

 

[Castelione]

Don't panic. It's not the end of the world. But you should still take some steps to protect yourself. First off, if you can afford it, get a lawyer to help you figure things out and get your name off the loan. If you can't afford it, then read on for some helpful tips about what to do next.

When someone asks to use your name for a loan, there's no harm in saying no—but if they keep asking and pressuring you until you say yes, then that's when things get complicated. Even if you say no at first and change your mind later on (we've all been there), try not to put yourself in situations where people are constantly asking favors of you because it could lead to more trouble down the road.

If someone insists on using your name despite your objections or says that they will go ahead with or without your consent anyway (which is basically blackmail), then call the police immediately! This kind of behavior is illegal and will only cause more problems for everyone involved if left alone.

This is very much appreciated. I just paid the loan using my funds, and just wait for my cousin to repay the money.

True, I should learn to say no and not let people keep asking favors from me because it only gets me into trouble. At least I learned something from this situation, although I had to learn it the hard way. Never again.

 

[Riberet19]

You should never let anyone ask for a loan in your name, you have already seen the consequences, if you had the money and could lend it directly to your cousin it would have been better, but never ask for a loan in your name and expect the other person to pay you, because if you do not do so, both financial and legal responsibilities will go against you, just because you believe that the other person is trustworthy.

 

[Debashis]

You should contact your cousin immediately to inform him of the situation and find out the reasons for the delay. If necessary, consult a legal professional to understand your rights and options. Take steps to protect your credit and consider the potential consequences of the delayed payment on your financial situation.