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LSDefine

Simple English definitions for legal terms

cosigner

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A quick definition of cosigner:

A cosigner is someone who agrees to pay back a loan if the person who borrowed the money can't pay it back. This person signs the loan with the borrower and takes equal responsibility for paying it back. Usually, a cosigner is a parent, spouse, or friend who promises to pay the loan if the borrower can't. Having a cosigner can help the borrower get a better interest rate on the loan, but if the borrower doesn't pay back the loan, it can hurt both the borrower and the cosigner's credit score.

A more thorough explanation:

A cosigner is a person who signs a loan with another person (borrower) and agrees to pay the loan if the borrower is not able to repay it. This means that the cosigner is equally responsible for repaying the loan.

For example, if a student wants to take out a loan to pay for college but doesn't have a good credit score, they may ask their parent to cosign the loan. The parent would then be responsible for repaying the loan if the student is unable to do so.

Cosigning can be helpful for both the borrower and the lender. The lender is more likely to approve the loan if there is a cosigner, and the borrower may be able to get a better interest rate. However, if the borrower doesn't make payments on time or defaults on the loan, it can negatively affect both the borrower and the cosigner's credit score.

cosign | cost basis

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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