Desperately seeking co-signers -- on Craigslist [View all]

[Liberal_in_LA]

Desperately seeking co-signers -- on Craigslist

Desperate for loans, some people are posting ads on Craigslist in hopes of finding co-signers.

In a new sign of desperation, people are turning to Craigslist to search for co-signers when they don't have good enough credit to qualify for loans on their own.

Javier Cruz, 22, who came to the United States on a student visa from Mexico, was hoping to transfer to Texas Tech University's two-year nursing program next fall after he finishes the year at El Paso Community College. But when his mom lost her job eight months ago, the monthly checks Cruz had been receiving from his parents stopped.

Without that help, he couldn't afford the nursing program's $8,000 per semester tuition. He applied for a $20,000 loan, but given his limited credit history and low income, he didn't qualify without a co-signer. None of his friends had good enough credit, so he turned to Craigslist -- offering $1,000 to anyone willing to co-sign on the loan.

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Since he first posted the ad last month, Cruz has received four responses. But each respondent has either requested his bank account number or routing number, or asked for the $1,000 up front -- leading him to believe they were scammers.

And if Cruz doesn't remain a student, he could lose his visa. "If I don't get [a loan], I think I'm going to have to go back with my parents in Mexico," he said.

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One woman from Montana promises $500 to "a Special Person" willing to co-sign a $2,500 loan that will help her purchase a 1978 Shovelhead Harley Davidson, while someone in Ohio is offering up a tractor and car as collateral for anyone who co-signs a $5,000 personal loan. A Richmond, Va.-based quiche-making company seeking a business loan is willing to give a co-signer $5,000 and a stake in the company.

http://money.cnn.com/2012/11/08/pf/craigslist-co-signer/index.html?iid=EL