Online lenders provide cosigner loans, which can increase the likelihood of loan approval by adding a cosigner with a higher credit score or income to the application. This is a useful solution for those who cannot meet the lender's credit requirements themselves.
Thecosigner essentially vouches for the borrower's ability to repay the loan, as they are equally responsible for repaying the loan. A loan with a co-borrower can be a great opportunity for people with lower credit scores or income levels to get the funds they need.
With a cosigner, the borrower can qualify for a lower interest rate, which can result in significant savings over the life of the loan.