Co-signer
A second person who agrees to repay your loan if you don't. A strong-credit co-signer can help you qualify or lower your APR.
Full definition
A co-signer is a second person who agrees to repay the loan if the primary borrower defaults. Lenders treat a co-signer as additional collateral against default risk, so adding a strong-credit co-signer can help a marginal applicant qualify or lower the APR offered. The co-signer's credit is checked, and the loan appears on their credit report; missed payments hurt both parties.
- Written by
- Get Advance Loan Editorial Team
- Reviewed by
- Compliance Review
- Published
- January 15, 2026
- Last reviewed
- June 15, 2026
- Pre-qualificationA preliminary check that estimates the loan terms you might qualify for, based on a soft credit inquiry that does not affect your score.
- Pre-approvalA stronger lending check than pre-qualification, often involving a hard credit inquiry and a conditional commitment from the lender.
- UnderwritingThe lender's process of evaluating credit, income, identity, and risk before approving and pricing a loan.
- Co-applicantA second borrower who shares both the obligation to repay and access to the funds. Different from a co-signer.
- Promissory noteThe signed legal document in which a borrower promises to repay a loan according to specified terms. The promissory note is the loan's enforceable contract.
- Loan servicerThe company that handles day-to-day loan management on behalf of the loan's owner: collecting payments, sending statements, processing payoffs, and (when needed) referring delinquent accounts to collection.
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