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What is the difference between a joint applicant and a guarantor (co-signer)?

April 26, 2017applicant co-signer guarantor Joint

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What is the difference between a joint applicant and a guarantor (co-signer)?

1 Answer

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A joint applicant shares in the benefit of the loan and is responsible for repaying the loan. A guarantor does not usually benefit from the proceeds of the loan and is only responsible for payment when the member does not meet their payment obligations.