Why does Bethex require a cosigner for all first loans, even if my credit is good?
Bethex, as a policy, requires a cosigner for all first loans (except for the Goal Saver loan). Because it is a policy, we cannot make any exceptions. The reason we require a cosigner is so that all our members go through the same process to get a loan at Bethex. You can improve your overall credit and your credit with Bethex if you pay your loan on time every time. Then, if you want another loan, you may be able to get one without a cosigner. When Bethex gives out loans, it risks the cooperative’s money. In order to stay healthy, grow, and offer you as many services as possible, we need to be sure that we collect on all the loans we give. Our cosigner policy is one way that we can continue to give you continued services.
