4.2.9 Joint borrowing

Sometimes one person may not qualify for a loan, and may need to have someone else co-sign for the loan. Joint borrowing is a situation in which two or more people borrow money together.

Co-signing for a loan, credit card or line of credit with another person is a big responsibility. As a joint borrower, you are equally responsible for repaying any balances owing on the loan. If one borrower doesn't pay the debt, the lender can demand that any borrower listed in the loan or credit agreement pay the entire amount.

Before you sign as a joint borrower:

As a joint borrower:

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