Can I transfer the loan to another person?

by khalil_ward , in category: Banking and Credit , 9 months ago

Can I transfer the loan to another person?

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1 answer

by roderick_marquardt , 8 months ago


Whether or not you can transfer a loan to another person depends on the specific terms and conditions of your loan agreement and the policies of your lender. In most cases, loans are not transferable, as they are based on an individual's creditworthiness and financial situation. However, some lenders may allow loan assumptions or transfers under certain circumstances, such as in the case of a mortgage assuming, where the new borrower takes over the existing loan terms.

It is advisable to contact your lender directly to find out if they allow loan transfers and what their specific requirements and procedures would be in such a situation.