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What is co-signing? (Select the best answer.) (PF4)
Allowing someone else to be completely responsible for your debt
Requesting multiple credit histories
Opening two lines of credit at the same time
Sharing responsibility for a debt with another person

Verified Answer :

GinnyAnswer

Final answer:

Cosigning involves another person or firm pledging to repay a loan if the original borrower does not, providing additional security to the lender.


Explanation:

In the financial capital market, cosigning on a loan involves another person or firm legally pledging to repay some or all of the money if the original borrower fails to do so. This provides additional security to the lender in case the borrower defaults on the loan. Collateral, which can be property or equipment, may also be required to secure the loan.


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