A cosigner is a person who applies for a loan with the principal applicant if the principal applicant has not enough credit score or does not qualify for the loan due to many reasons.
For example, if you need to qualify for a loan and you lack a credit score due to your previous financial difficulties, the bank will ask for a guarantee that you will be able to repay the loan payments on time.
The cosigner agrees to be liable for the payment of the loan in case the principal applicant defaults. A cosigner can be any family member or friend with a good credit score and who is willing to take part in the loan application. However, if the principal applicant defaults the credit score of the cosigner can affect negatively.
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