# Why do you have to take bank details for my cosigner?

URL: https://togetherloans.com/faq/why-do-you-have-to-take-bank-details-for-my-cosigner
Updated: 2026-11-02

Why cosigner bank details needed: For fraud prevention, loan payout, and collecting payments if borrower misses them. Essential security measure explained.

We do this for 3 reasons.

1. Payment details form part of our ID checks and help prevent your cosigner from being a victim of fraud.

2. When we approve your loan, we pay it into the cosigner's bank account for them to transfer it to you. This is to prevent fraud and to make sure your cosigner is fully aware of their responsibility.

3. If the borrower misses a payment we will contact the cosigner and ask them to pay. Therefore, we ask that the cosigner keep an active card and bank account on file so we can keep the account up to date at all times.