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 ?
It Does Not Require Credit Underwriting Or A Cosigner And Carries A 1% Interest Rate.
The $14 million New York University Federal Credit Union reported that its student card program would not face much impact from the new law-primarily because the CU already asked for a cosigner for student cards.
Adding to the development in the political landscape after fourteen lawmakers decided to take measures against Chief Minister of Balochistan Nawab Sanaullah Zehri, the chief minister in a separate development sacked his special assistant on excise and taxation, Mir Amanullah Notezai.While no reasons were cited by the chief minister for the dismissal, the move may be explained by the fact that Notezai was among the cosigners of the no-confidence motion against Zehri.
The release is particularly advantageous for parents with several family members attending college, as well as for cosigners unable to take advantage of the current low interest rate environment due to their child's student debt.
Cosigners on that letter included ASTHO, Trust for America's Health and NACCHO.
Estab for 10 yrs in a great location with many repeat customers and cosigners. Great staff and very friendly environment with little or no competition in the area.
<p>The 37 cosigners of the letter note that using the secure protocol is an option for Gmail, Google Docs and Google Calendar, but have a problem with the way users are told about it.
BRUCE ACKERMAN AND Todd Gitlin call Tony Judt's claim ["We Answer to the Name of Liberals," November] that liberals have "acquiesced in President Bush's catastrophic foreign policy," "nonsense on stilts." Supposedly, they and their numerous cosigners "consistently and publicly repudiated the ruinous policies of the Bush administration."
NLC's Grassroots Action Center went into action to drive up the number of cosigners by sending e-mail alerts to the state municipal leagues and NLC members, and posting an action alert on NLC's website, encouraging NLC members to urge their representatives to add their name to the Shays/Frank letter.
And, if you're a lender, there are cosigners with hefty assets living under the same roof as well: boomer parents.
Goss fails to mention that in 1996, he was among the cosigners of a commission report that called for more staff cuts in the intelligence agencies, arguing that intelligence spending was still 80 percent above 1980 levels.
And VanCity CEO Dave Mowat said the credit union is proud of its attempt to include the gay and lesbian community, calling it "a natural evolution." "Thirty years ago, when we started making loans to women without their husbands as cosigners, people thought that was crazy too.