A comaker is a person who signs a promissory note along with another individual or entity, agreeing to be jointly responsible for repaying a loan or debt. In essence, a comaker serves as a guarantor for the loan, providing additional assurance to the lender that the debt will be repaid. If the primary borrower fails to make payments, the comaker becomes liable for the outstanding balance. Comakers are commonly used in situations where the primary borrower may not qualify for a loan on their own, such as for individuals with limited credit history or poor credit scores.
A person who endorses a promissory note.
n. when two or more people sign a check or a promissory note, each is a comaker, and each is liable for the entire amount to be paid.
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This glossary post was last updated: 29th March 2024.
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