Cosigner Definition: A co-signer is a person or entity that takes on the responsibility of borrowing to pay back a loan if the borrower becomes unable to do so. In most cases, a co-signer is a relative or someone the borrower knows well.
If the borrower defaults on a loan or fails to make payments, the co-signer becomes fully responsible for full payment and risks damaged credit if there are late payments or none. A co-signer can often improve the strength of a borrower’s application, as it provides extra assurance that a loan will be repaid in full.
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