Is a co maker the same as a cosigner?
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Besides, what does a co Maker mean?
Person who, with other individual(s), guarantees a financial commitment (such as repayment of a loan). He or she is jointly and severally liable, with the other signatories (co-makers), for honoring the commitment in full. Also called co-guarantor.
Secondly, are you a co maker or endorser? For i. – 'Are you the co-maker or endorser on a note? ' Another word for a co-maker is a cosigner, someone who assumes full responsibility for a debt if the borrower does not or cannot repay a promised obligation. An endorser is the borrower.
Regarding this, is a co borrower the same as a cosigner?
Cosigners are people who guarantee debt for someone who cannot qualify on his or her own. The understanding is that the primary borrower is the person legally responsible for repaying what is owed. Co-borrowers, on the other hand, are people who want to take on a shared debt with another person.
What is the difference between a co maker and a guarantor?
The main difference between a co-borrower and a loan guarantor is that the co-borrower is always liable for the payment of the loan whether the principal borrower pays back or not. To get the guarantor to pay back the loan, the lender would have to prove that the principal borrower has defaulted.