Cosigner

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Cosigner

A term referring to a person, other than the principal borrower, who signs for a loan. The cosigner(s) assumes equal liability for the loan.

Cosigner

A third party to a loan who provides a guarantee that a loan will be repaid. The guarantee by the cosigner reduces the risk that the lender will lose the money he/she has distributed to the borrower. The cosigner signs an agreement with the lender stating that if the borrower fails to repay the loan, the cosigner will assume legal liability for it. A cosigner may be an institution, but is often a relative or friend of the borrower, especially for personal loans. Persons with little or poor credit history sometimes cannot receive a loan without a cosigner. See also: Surety.

cosigner

A person who signs a promissory note in such a capacity that he or she has equal and primary liability with another. Contrast with a guarantor, who is liable only if the original obligor defaults. A cosigner must list the promissory note as a liability on financial statements; a guarantor has only contingent liability which may never ripen into full liability.

References in periodicals archive ?
He suggests others ways to finance a child's college education including choosing a community college for at least for the first two years of a college education as well as work study and student loans owed by only the student with no co-signer.
Foreign students able to receive federal lending without a US co-signer
With regard to credit cards, co-signers should know that the creditor can raise the debtor's credit limit without the co-signer's knowledge, making the dollar amount of the debt unpredictable," advises Steve Rhode, president and cofounder of Rockville, Maryland-based Debt Counselors of America, a nonprofit organization.
Are you turning away customers with poor credit, or sending them out in search of co-signers and seller seconds, while you call private money sources?
We are responsible for our own future and work to make it as successful as possible by removing roadblocks to PC platform growth, developing preference for the Intel Inside brand among PC users, and supporting emerging PC markets around the world," write co-signers Gordon Moore, chairman; Craig Barrett, executive VP and COO; and Andy Grove, CEO.
Co-signers were the governments of Australia, Canada, Chile, China, Japan, Mexico, New Zealand, the Republic of Korea, the Russian Federation, and the United States.
Sure, you've got some solid proof of kickbacks and book-cooking, but going public with it would mean ending programs important to some would-be co-signers.
The letter's co-signers collectively represent more than 450,000 scientists and tens of thousands of miners, processers, manufacturers and other industries with millions of employees across the U.
Most co-signers were parents and other close family members.
There is no change in the shipping process, and it goes through the same handling process, same use of operated scanners with each party being registered as co-signers to the shipment.
Prospects are recaptured through the use of social mechanisms centered on interactions with co-signers and smart alerts.
Co-signers on leases are the people who have to be creditworthy.