When someone you love asks if you'd cosign a loan for them, it's an awkward situation. They'll tell you it's not going to cost you anything to help them out—just sign your name. Of course they'll make the payments on time. Well, that's not what their credit report says. The bank won't take them on as a risk, so why should you? There are plenty of ways to help a loved one get back on their feet financially, and cosigning a loan for them might not be your best option.