Recourse Loan

Posted by Mr. P | Loans | Tuesday 13 January 2009 9:13 PM

A recourse loan is a loan for which another party is liable for the payment of the loan if the borrower defaults.

An example of this is for when a person is younger they often have to have their parent sign for them because they have not yet had sufficient time to establish a credit history. Their parent is undersigner and if the younger person defaults on the loan it would then become their parent’s responsibility to pay it off.

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