What does it mean?

A co-signer is an individual who cooperatively signs the loan with the borrower and becomes the secondary repayment source. 

The co-signers facilitate the borrower in obtaining loans that they may not have been able to qualify for. Borrowers can negotiate for receiving a greater principal amount if they have individuals who can co-sign for them.

Points to remember:

  • Co-signers do not get a share in the principal amount on the loan. Similarly, co-signers are not required to make regular monthly payments towards the loan. 
  • Only when the borrower defaults, the co-signer will be held responsible. 
  • Failure in payments negatively impacts the credit scores of both the borrower and the co-signer. 
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