Definition of Co-applicant:
A co-applicant is an additional person considered in the underwriting and approval of a loan or other type of application. Applying for a loan with a co-applicant can help to improve the chances of loan approval and also provide for more favorable loan terms.
A co-applicant may become a co-borrower once the application is approved and funded.
A signatory on a credit application who assumes equal responsibility as the applicant. The co-applicant differs from a co-signer, in that the co-applicant typically receives the benefits of the credit as well as the responsibility.
How to use Co-applicant in a sentence?
- Since I do not have any established credit my mother is offering to be a co-applicant in order for me to purchase this car.
- I knew I could rely on him because he had already been a great co-applicant in the past and I trusted him.
- Having a co-applicant can make an application more attractive since it involves additional sources of income, credit, or assets.
- A co-applicant is a person who joins in the application of a loan or other service.
- You may want to have a co-applicant when you are taking something on to limit the liability on your end.
- A co-applicant has more rights and responsibilities than a co-signer or guarantor.
Meaning of Co-applicant & Co-applicant Definition