45.3k views
3 votes
Lindsey promises Mountain State Bank that she will be responsible for a loan taken out by her niece, Emma. The agreement is that at the moment the debt is due, Mountain State may demand repayment from Lindsey. This is known as a:

User David Kim
by
8.6k points

1 Answer

2 votes

Answer:Co-borrower

Explanation: co- borrowers are people who share responsibility of debt and sometimes also shoulder the responsibility of the debt themselves. They are different from co-signer or quarantor because they are part of the loan taking while a quarantor and co-signer just stand for the loan taking and will only pay if the borrowers refuse to pay as at when due.

The Co-borrower is characterized by legal responsibility to paying back loan, applies along with the primary borrower for the loan, and have a high salary's. Co-borrower usually borrows on behalf of someone else and most times do benefit from the loan.

User Gilgamash
by
7.6k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.