My Fiance wants me to take out a business loan of $30,000 to start up his new business. I am afraid that this will later affect my ability to purchase my first home, or I will be held completely liable to pay it back and later affect my credit. Should I take out this loan and if I do how will it affect me in the long run? Or what is the best way to go about it without it affecting me too much? Please help!
      Answer1:get married first. Never do something like this. Yes it can have an effect on your credit. DO NOT DO THIS
      Answer2:A business loan in your name will effect you just as much as anyother loan in your name. If its your money going into the business then you should have the business set up as a partnership so that you can show an additonal stream of income when applying for your mortgage. Otherwise when they pull your credit theyll see youre normal income and $30,000 loan. And if anything goes wrong, and your name is on the loan, you are liable.
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