comaker

A comaker or a cosigner is a person who jointly signs a check , draft or any other negotiable instrument alongside a primary borrower of a loan . A comaker acts as a guarantor of the primary borrower and assumes liability. Therefore, a comaker has a legal obligation to pay the entire amount due on the instrument, as well as the interest and fees, should the primary borrower default . As such, becoming a comaker could result in substantial financial responsibility.

When an individual seeks to apply for a loan but does not qualify for the loan due to reasons such as an insufficient credit score or credit history, a comaker might become a necessary part of the loan application process. For example, for student loan, a student’s parents could act as comakers.