“He who is surety for a stranger will suffer, but one who hates being surety is secure” (Proverbs 11:15).
Co-signing on another’s loan has always been a bad idea. Modern-day financial advisor Dave Ramsey stoutly opposes it. From Solomon’s day to today, the vast majority of times it ends disastrously for the one trying to be helpful.
To co-sign (or provide surety) for someone you are unfamiliar with is a surefire way to increase your own emotional, physical, and financial suffering. If you are unfamiliar with someone but the people he is seeking to borrow money from know enough about him to not trust him (and thus require a co-signer), there is nothing else you need to know. Say “NO!” and move on. You are not being selfish; you are being wise.
The reason for a surety (or co-signer) is for the lender’s peace of mind, not yours. They want the security of knowing they will get their money back. You flip that script when you refuse to be a co-signer. Your refusal will provide you with peace of mind and financial security.
There is nothing sinful or foolish about refusing to be another’s surety. You are not responsible for why a potential lender does not trust them. It is their character flaws which have created this situation. Why get in the bed they themselves have made?
