A co-borrower is an additional person who is responsible for repaying a loan and is listed on the loan agreement alongside the primary borrower. Both borrowers are equally liable for the debt.
A loan application is a document required by a lender prior to issuing a loan commitment. It typically includes details such as the name of the borrower, the amount and terms of the loan, a description of the collateral, and the borrower's financial and employment data.
