Who is a comaker on a loan?


Quick Answer

Comakers, more commonly referred to as cosigners, are people who sign loan documents with borrowers that are less creditworthy to help them secure the loan from the lender. For example, most parents help their child get a car by cosigning a loan.

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Full Answer

Those who choose to cosign a loan must understand that they are held just as responsible for the debt as the borrower. Once a lender has exhausted its collection efforts against the primary borrower, it has the right to contact the cosigner. If the loan is delinquent, the lender can enforce collection on the cosigner, and should the loan default, it affects both the primary borrower and the cosigner.

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