Cosigner: meaning, definitions and examples

This term is often used when someone, who might be a friend or family member, signs a loan or credit agreement along with the primary borrower to take shared responsibility for the repayment.

• My sister agreed to be a cosigner for my student loan.
• Without a cosigner, it was hard to get approved for the car loan.

This term is used when someone agrees to be responsible for someone else's debt if the primary borrower fails to pay. This is often seen in rental agreements or certain financial transactions.

• The landlord required a guarantor for the lease agreement.
• Her uncle acted as a guarantor so she could secure the loan.

Typically used in a legal or financial context where two or more parties share equal responsibility for a debt.

• Both parties are co-debtors on the mortgage.
• As co-debtors, they are jointly liable for the amount owed.

A more formal or legal term for someone who takes on financial responsibility for another person's debt or obligation, often used in legal documents or proceedings.

• He provided surety for the bond.
• The contract required him to act as a surety.