Summary

Co-signed and joint loan is one type of bank loan that allows people who cannot borrow loan for themselves pick a co-singer or co-borrower to help them qualify for loan.

Requirement:
1. need a co-signer/co-borrower who have good credit
2. both borrowers and co-singer/co-borrower should be liable for loan payment

Pros:
1. for co-borrower, they can access funds from the loan
2. borrower will more easier to qualify the loan
3. co-signer have to pay the rest of the payment if borrower can’t afford the rest

Cons:
1. the co-signer or co-borrower need good credit
2. the loan amount depend on the co-borrower/co-signer’s credit history
3. borrowers have to pay all if co-borrower is default
4. to co-signer, they can’t access for loan proceed

Reference: https://www.cash1loans.com/blog-news/joint-vs-cosign-loan-difference.aspx