For the loan project borrowed by the lender, the loan co-signer has the responsibility to repay the loan together, that is to say, the co-signer needs to bear the same creditor's rights and debts as the lender. Co-signers can be co-owners of mortgaged houses or other natural persons who meet the loan conditions.
The loan co-signer belongs to the second repayment source and is one of the main debtors. When the main lender is unable to repay the loan, the bank may require the co-signer to repay the loan. When the co-signer can't repay the loan debt, the loan bank will ask the guarantor to be responsible for the repayment obligation.
What do you mean by co-signatory of bank loan?
1. Generally speaking, there are three conditions for being a co-signatory of the loan: the age is 30 to 60 years old; Having full capacity for civil conduct; Have a local account. Because the loan policies of each bank are different, the loan co-signatories usually need to consult the relevant lending banks about what conditions they need to meet.
2. The co-signer of the bank loan is actually a co-lender, which is just another way of saying it. For the loan project borrowed by the lender, the loan co-signer has the responsibility to repay the loan together, that is to say, the co-signer needs to bear the same creditor's rights and debts as the lender. Co-signers can be co-owners of mortgaged houses or other natural persons who meet the loan conditions.
What responsibilities do the loan co-signatories need to bear?
1. You don't have to worry about the promised loan, you just need to sign it. In fact, such an agreement is useless. The internal agreement between the two parties cannot confront the creditors. When the lender fails to fulfill the repayment obligation, you, as a co-signatory, shall bear the guarantee responsibility and have the right to recover from the lender after compensation. In other words, whether the agreement is issued or not, you can recover from the lender after repaying the loan on your behalf.
Please sign for me and make sure that you don't have to take care of the loan. All you have to do is sign it, or even issue a written agreement, indicating that all responsibilities have nothing to do with you. However, when the borrower's relatives can't repay the loan, you still need to bear the responsibility of repaying the loan. A written agreement issued by a relative stating that all responsibilities have nothing to do with you.