A co-signer is someone who agrees to take responsibility for a loan if the primary borrower defaults on it. It is typically a family member, close friend, or trusted associate. The co-signer is legally required to make payments on the loan if the primary borrower fails to do so. To be eligible as a co-signer, a person must have a good credit score and sufficient income to cover the loan repayment amount. Additionally, many lenders require that the co-signer’s income and credit score be higher than those of the primary borrower. A co-signer may also be asked to sign paperwork verifying their agreement to take responsibility for the loan in case of default.
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