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A co-signer takes on all the rights and responsibilities of a loan along with the borrower. This means that if the borrower can’t make a payment on the loan, the co-signer is responsible.
A cosigner can help you get approved for a loan, but think carefully about taking this step. (Photo illustration by Fortune; Original photo by Getty Images)
A cosigner can also improve your chances for lower loan rates and better terms than your original loan. If your original loan also had a cosigner, you can ask if that person is willing to cosign ...
A co-signer doesn’t have their name on the title but is responsible for repaying the loan. Generally, a co-signer can be beneficial if a borrower needs help from someone with good credit just to ...
Cosigning a loan for a family member or friend can put a person's credit score and overall financial position in jeopardy. Before cosigning a loan, it's important to know the benefits and risks.
Getting a student loan can be complicated, and one way to improve your odds is to get a co-signer (or guarantor). Many borrowers resort to this option for a variety of reasons -- for instance, some...
Your co-signer must be willing to assume equal responsibility for the loan without being able to access the funds. They must also be able to support the cost of the loan on their income.
“A cosigner is someone who agrees to sign and be responsible for a loan or credit application with you,” Goronga said. “If you are unable to pay off the loan, it will be their responsibility.