WalletPrep

Cosigner

A second person who signs a loan and promises to repay the whole debt if the main borrower doesn't.

The lender can collect from a cosigner without first trying the borrower. The loan shows on the cosigner's credit report and counts toward their debt-to-income ratio.

A cosigner gets no ownership of what the loan paid for. Getting released usually needs the lender's and the borrower's agreement.

Learn it properly

← All terms