What is signers?

Answer 1

There are two separate meanings for co-signer although the latter is the one most often referred to in questions about co-signing:

As a co-borrower:

A co-signer/co-borrower/co-maker has an equal liability with another. This is in contrast with a guarantor who is liable only if the primary obligor defaults.

As a guarantor:

A co-signer as guarantor is a third party to the loan who guarantees the loan will be repaid thus reducing the risk of the lender. This co-signer is the person, other than the primary borrower, who signs for the loan and assumes equal liability for the loan. However, the guarantor/co-signer only has a contingent liability. That means they guarantee the loan will be repaid and if the principal borrower defaults the co-signer will be responsible for paying the loan. This is a risky transaction for the co-signer since they are required because the principal borrower has poor credit or no credit and there is a greater chance they will default.