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Co-Signer
A person who signs a loan or credit application with the primary borrower, accepting responsibility for the debt if the primary borrower defaults.
More Details
A co-signer is an individual who agrees to assume the responsibility of repayment if a borrower defaults on payments of a loan or line of credit.
Example
You need a personal loan but a financial institution may require a co-signer to jointly sign with you in order to approve your loan, which gives them greater security that the amount will be repaid.
Related Terms
Escrow Funds
Funds that are held by a third party on behalf of two parties in a transaction and are released when the terms of the transaction are met.
Individual Retirement Account (IRA)
A type of savings account designed to help individuals save for retirement.
Investment
The act of committing money or capital to an endeavor with the expectation of obtaining an additional income or profit.