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.

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