Final answer:
A loan signer, also known as a cosigner, fits into the loan package as a guarantor or extra security for the lender. They provide assurance to the lender that the loan will be repaid even if the borrower defaults.
Step-by-step explanation:
A loan signer, also known as a cosigner, is an individual or firm who legally pledges to repay some or all of the money on a loan if the original borrower does not. In the loan package, a loan signer fits in as a guarantor or extra security for the lender. They provide assurance to the lender that the loan will be repaid even if the borrower defaults.
For example, if a student applies for a student loan and does not have a strong credit history or income to qualify on their own, they may need a cosigner. The cosigner will sign the loan documents and take on responsibility for repaying the loan if the student cannot. This reduces the lender's risk and increases the chances of the loan being approved.