Cosigned Meaning: Definition, Examples, and Translations
✍️
cosigned
[ˌkoʊˈsaɪnd ]
Definition
legal agreement
To cosign means to sign a document in agreement with another party, typically to guarantee repayment of a loan or obligation. This often involves taking on shared responsibility for the debt or obligation with the primary signer. Cosigning can help someone who may not qualify for credit on their own to obtain loans or leases. It is important for cosigners to understand that they are legally liable for the obligation if the primary borrower defaults.
Synonyms
countersign, endorse, guarantee, sign.
Examples of usage
- I cosigned the lease for my friend's apartment.
- She decided to cosign the loan to help her son buy a car.
- Many parents cosign student loans for their children.
- The bank required a cosigner due to his low credit score.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Finance
- In lending, a cosigner can help someone with poor credit get approved for a loan by sharing responsibility.
- Cosigning a loan means you're legally agreeing to pay back the money if the primary borrower doesn't.
Legal
- Legally, a cosigner shares the risk of a contract, showing trust in the primary party's ability to fulfill the agreement.
- Many rental agreements require a cosigner when the tenant is underage or lacks sufficient income.
Social Dynamics
- Cosigning can reflect trust and support among friends or family, often strengthening interpersonal relationships.
- It also illustrates the shared responsibility that can exist within families, especially in financial matters.
Pop Culture
- Cosigning decisions are often depicted in movies as critical turning points, such as helping a character take on a big challenge.
- Several songs discuss themes of support and agreement, metaphorically relating to the idea of cosigning in relationships.
Origin of 'cosigned'
Main points about word origin
- The word 'cosign' combines 'co-', meaning together, and 'sign', from Latin 'signare' meaning to mark or write.
- It began to be used in the financial context in the mid-20th century to describe agreements involving two parties.
The term 'cosign' originated in the mid-20th century, deriving from the prefix 'co-' meaning 'together' or 'jointly,' and 'sign,' which comes from the Latin 'signare,' meaning 'to mark' or 'to sign.' The concept emerged from the need for additional assurance in financial transactions, where one party may need the backing of another to secure loans or leases. The practice of cosigning has become common in many cultures as a way to aid those without sufficient credit history or income to qualify for financing independently. Over time, it has evolved to cover a range of agreements, beyond just loans, reflecting the trust and responsibility shared between cosigners in binding contracts.