recourse loan

Recourse Loan

A loan for which there is a co-signer. That is, if the borrower defaults on the loan, the co-signer becomes legally liable for repayment. Thus, in addition to any collateral that may or may not secure the loan, the lender is further protected from default by the existence of the co-signer. See also: Non-recourse loan.

recourse loan

A loan in which the lender can claim more than the collateral as repayment in the event that payments on the loan are stopped. Thus, a recourse loan places the borrower's personal assets at risk. Compare nonrecourse loan.

单词	recourse loan
释义	recourse loan Recourse Loan A loan for which there is a co-signer. That is, if the borrower defaults on the loan, the co-signer becomes legally liable for repayment. Thus, in addition to any collateral that may or may not secure the loan, the lender is further protected from default by the existence of the co-signer. See also: Non-recourse loan. recourse loan A loan in which the lender can claim more than the collateral as repayment in the event that payments on the loan are stopped. Thus, a recourse loan places the borrower's personal assets at risk. Compare nonrecourse loan.
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