Question
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Question 2 of 9
Why would a borrower get a cosigner for a loan?
They can't qualify for a loan by themselves
They need help evaluating the loan terms
They want to open a savings account
The borrower can handle the entire loan themselves
Question 2 of 9
Why would a borrower get a cosigner for a loan?
They can't qualify for a loan by themselves
They need help evaluating the loan terms
They want to open a savings account
The borrower can handle the entire loan themselves
Answers
GPT-4o mini
A borrower would get a cosigner for a loan because **they can't qualify for a loan by themselves**. A cosigner provides additional assurance to the lender by agreeing to take on the responsibility of the loan if the primary borrower fails to make payments. This is often necessary when the borrower has a limited credit history, low income, or a poor credit score.