ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A cosigner on a loan is legally responsible for the debt if the primary borrower defaults. Cosigning a loan will show up on your credit report and can impact your credit score if the primary borrower pays late or defaults. Cosigners may sign for student loans, personal loans, credit cards, and even mortgages.

Detailed explanation-2: -A co-signer takes full responsibility for paying back a loan, along with the primary borrower. Often a co-signer will be a family member. The co-signer is obligated to pay any missed payments and even the full amount of the loan if the borrower doesn’t pay.

Detailed explanation-3: -Being a cosigner is a long-term commitment; they’re responsible for your student loan until it’s paid in full.

Detailed explanation-4: -A co-signer is a person who has agreed to guarantee the debt of another individual but does not receive any of the loan proceeds. They are responsible for the debt if the borrower does not make payments or defaults on the loan entirely.

Detailed explanation-5: -Cosigners are people who guarantee debt for someone who cannot qualify on their 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.