Online lenders provide co-signer lending, which can increase the likelihood of loan approval by adding a co-borrower with a higher credit rating or income to your loan application. This is a useful solution for people who can't meet the lender's credit requirements themselves.
The co-borrower essentially vouches for the borrower's ability to repay the loan because they are equally responsible for repaying the loan. Loans with a co-borrower can be a great opportunity for people with lower credit ratings or income levels to access the funds they need.
With a co-borrower, the borrower can potentially qualify for a lower interest rate, which can lead to significant savings over the life of the loan. It is important to note that both the borrower and the co-borrower should clearly understand the terms and conditions of the loan before agreeing to a co-signer.