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:

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Social Studies

Davon Fitzpatrick

27 December, 06:39

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:

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Frances Clark · Answer 1

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.