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Credit Cards Top Picks. Banks Top Picks. Looking for a place to park your cash? Brokers Top Broker Picks. Robo Advisor and Crypto Picks. Mortgages Top Picks. Insurances Auto Insurance. Loans Top Picks. Thinking about taking out a loan? Knowledge Knowledge Section. Recent Articles. The Ascent Best Personal Loans. Co-Borrower vs. Cosigner: What's the Difference? Jump ahead On this page: Cosigner vs. What is a co-borrower?
When is a cosigner the best option? When is co-borrowing the best option? Other questions. Cosigner vs. Co-borrower Cosigner Takes on shared debt with someone else Guarantees debt for someone else Work together to repay debt Primary borrower legally responsible for debt repayment Debt has a joint purpose between borrowers Debt taken out for sole purpose of primary borrower Both borrowers are beneficiaries of loan funds Cosigner receives no direct benefit from loan funds.
What is a cosigner? Still have questions? Here are some other questions we've answered: What credit score do I need for a personal loan? Can I get a personal loan with collateral? How do I get a loan with no credit? Got bad credit and need a personal loan? Best personal loans for bad credit.
About the Author. Blue Twitter Icon Share this website with Twitter. Email Icon Share this website with email. His goal is to create actionable content that enables people to make sound personal financial decisions.
When he is not working on personal finance content, Jordan is a self-help author and world traveler who helps people experience the world and discover themselves. Select Region. United States. United Kingdom. Zina Kumok, Jordan Tarver. Contributor, Editor. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. What Is a Co-borrower? What Is a Co-signer? How a Co-signer Loan Works Using a co-signer on your loan application is similar to the normal loan process.
Co-signer Not sure which option is best for you? Was this article helpful? Share your feedback. Send feedback to the editorial team. Rate this Article. Thank You for your feedback!
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