Cosigner


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Cosigner

An obligor—a person who becomes obligated, under a Commercial Paper, such as a promissory note or check—by signing the instrument in conjunction with the original obligor, thereby promising to pay it in full.

The cosigner may be held equally responsible for the payment of the debt or may be required to pay only upon the failure of the original obligor to do so, depending upon state law and the terms of the agreement that also determine the rights of the cosigner.

Cosigner is synonymous with the term comaker.

See: comaker
References in periodicals archive ?
The CFPB report includes a borrower who made 36 consecutive on-time payments, asked for her cosigner to be released from the private loan, and was denied because several payments--to her surprise--were counted as late due to the payment processing delay.
Smith did not notice that the papers named her as the primary noteholder--not as a cosigner for Treadway.
Determining the ability to repay by the borrower and the cosigner protects our customers against unnecessary borrowing and we believe facilitates successful repayment in the future," says Bare.
Applying with a cosigner may increase the likelihood of approval and access a more favorable interest rate.
In today's market, young adults will likely need a cosigner at some point and will turn to their parents for help," said Ken Chaplin, senior vice president of marketing for Experian Consumer Services.
During the last four academic years, more than 90 percent of undergraduate and 75 percent of graduate private student loans included a cosigner.
A student borrower must meet established FICO credit score requirements in order to secure a loan without a cosigner.
Fourth, having a cosigner eliminates a person's financial responsibility.
Borrowers approved with a qualified cosigner can receive an interest rate as low as 1 percentage point below prime.
The loan also includes no pre-payment penalty, no cosigner option, cosigner release option and a 30-day no-fee return policy.
The program also includes a national program generally available to other graduate students and undergraduate students who, alone or with a cosigner, meet certain credit underwriting criteria.
Shareholders can anticipate a joint announcement with the letter of intent cosigner later today.