Money Map Tip of the Week

On June 14, 2025, in Latest News, by The Somerville Times

Q: A close friend asked me to cosign a loan, but I’m not comfortable. Is there another way I can help?

A: Cosigning makes you legally responsible if the borrower can’t pay—and even one missed payment can damage your credit. But you can still offer real support:

Give a direct gift – A one-time contribution may be safer and more helpful than taking on their loan.
Start or support a GoFundMe – If the need is urgent, help them raise funds and share their story.
Connect them to a credit union or CDFI – These lenders often offer more flexible loan options.
Strategize together – Sometimes, sitting down to help them plan is the most meaningful support.

Bottom line: You can say no to cosigning—and still say yes to helping.

Any questions? I’m Vincent Hicks, a CPA based in the Cambridge–Somerville area. Reach out at vhicksconnect@gmail.com or (859) 553-0788.

Disclaimer: This column provides general financial information and should not be considered legal, investment, or tax advice. Always consult a qualified professional for personal guidance.