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 ?
The loans are both public and private, and about three-quarters were taken to finance a child's or grandchild's college education as a borrower or co-signer. The remaining portion were used for the education of the borrower or his or her spouse.
While the bankruptcy stalled the bank from taking the church's property, the case went forward against the co-signers of the loans, pastor Kevin D.
The new arena, planned to be ready for use in 2011, is expected to cost some SEK1.8bn, of which the five co-signers will pay approximately SEK0.9bn.
Even though they declared their intent to continue to serve on defensive missions, Shapira and his co-signers were promptly dismissed from the Air Force.
Nine days after 9-11, William Kristol wrote the president on behalf of PNAC and 36 co-signers urging an attack on Iraq "even if evidence does not link Iraq" to the 9-11 terrorist attacks.
For instance, 38 per cent of immigrants trying to find suitable housing cited at least one problem with the most common being the high costs of housing, and the lack of guarantors or co-signers. Forty per cent of immigrants had at least one problem with pursuing more education or training.
ASAE joined about 50 co-signers who support the argument that increasing access to information pertaining to charities through private and public initiatives, coupled with enforcing current laws that categorically prohibit fraud, is the most responsive way to protect potential donors from disingenuous groups.
In a surprising show of support for an area that is usually far from the Congressional radar screen, there were 28 co-signers of letter.
"Many co-signers think they are simply vouching for the borrower's integrity.
The letter, dated April 9, stated that the co-signers had "grave concerns about [the defense] department's apparent decision to withhold significant information."
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?