cosigner

American  

[koh-sahy-ner, koh-sahy-] / ˈkoʊˌsaɪ nər, koʊˈsaɪ- /

Or co-signer

noun

1. a cosignatory.

2. Finance. a joint signer of a negotiable instrument, especially a promissory note, who promises to repay the loan amount if the primary borrower cannot.

3. Finance, Banking. an additional signer on a checking or savings account who acts as a guarantor jointly responsible for overdraft and other fees, but who cannot deposit or withdraw money from the account.

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Usage

What does cosigner mean in loans? A cosigner is an individual who signs a loan along with a primary borrower, promising to repay the loan amount if the primary borrower cannot. The addition of a creditworthy cosigner can normally help a borrower with limited or poor credit history to obtain a loan.Cosigner can also refer to an additional signer on a checking or savings account who can deposit and withdraw funds and who is usually jointly responsible with other signers on the bank account for any overdraft and other fees.The term is often spelled co-signer.

Etymology

Origin of cosigner

First recorded in 1900–05; co- + signer

Example Sentences

The time has come to prevent your brother, as executor, from becoming a cosigner or, worse, a co-owner on her accounts.

From MarketWatch

However, your friend’s relative and your friend, as a cosigner, may also be held legally responsible for the default.

From MarketWatch

Elderly parents don’t always know the difference between adding a co-owner on account and a cosigner.

From MarketWatch

You can also ask for a cosigner if the prospective renter has a new credit history or if they work in an unstable profession.

From Salon

If you really have your heart set on a new phone with multiple features, there is the option of using a cosigner.

From Encyclopedia.com