Cosign: meaning, definitions and examples
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cosign
[ ˈkoʊˌsaɪn ]
financial agreement
To cosign means to sign a document jointly with another person, typically a loan or lease agreement, thereby taking on responsibility for the debt or obligation of the primary signer. It is commonly used when someone is unable to qualify for a loan on their own due to insufficient credit history or income.
Synonyms
Examples of usage
- I had to cosign the loan for my friend's new car.
- She asked her parents to cosign her apartment lease.
- Many students need a guarantor or cosigner for their student loans.
Translations
Translations of the word "cosign" in other languages:
🇵🇹 coassinar
🇮🇳 सह-हस्ताक्षर करना
🇩🇪 mitschreiben
🇮🇩 menandatangani bersama
🇺🇦 підписати разом
🇵🇱 współpodpisywać
🇯🇵 共同署名する
🇫🇷 co-signer
🇪🇸 co-firmar
🇹🇷 ortak imza atmak
🇰🇷 공동 서명하다
🇸🇦 التوقيع المشترك
🇨🇿 spolu podepsat
🇸🇰 spolu podpísať
🇨🇳 共同签署
🇸🇮 so-podpisati
🇮🇸 sameiginlegur undirskrift
🇰🇿 ортақ қол қою
🇬🇪 ერთობლივად ხელმოწერა
🇦🇿 birlikdə imzalamaq
🇲🇽 co-firmar
Etymology
The term 'cosign' combines the prefix 'co-', meaning 'together' or 'with', and 'sign', which originates from the Latin word 'signare', meaning 'to mark' or 'to sign'. The concept of cosigning emerged as financial systems developed, particularly with the rise of credit and borrowing in the 20th century. As banks and lending institutions sought to mitigate risks associated with lending to individuals with less-than-ideal credit histories, they established the practice of requiring additional signers for loans, thus making cosigners an important part of financial transactions. By cosigning, individuals vouch for the borrower's creditworthiness, providing assurance to lenders that they have an additional party to hold accountable for repayment, therefore increasing the borrower's chances of obtaining credit. Over time, the usage of the term has expanded into various types of agreements beyond just financial obligations.