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LSDefine

Simple English definitions for legal terms

cosigner

Read a random definition: Rules Enabling Act of 1934

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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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