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"Co-Signer" Glossary Term

A co-signer is an agreement made between the lender and someone close to the person getting the loan. The Co-Signer also signs the agreement will be obligated to pay off the loan in the event that it goes into default. Co-Signing is often used among family as a way to help those with poor or no credit rating to get a loan. It’s usually used to guarantee mortgages and car loans, but can be used for credit cards too.

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