What term describes a natural person who assumes liability for a consumer loan without receiving goods, services, or money in return?

The correct term for a natural person who assumes liability for a consumer loan without receiving goods, services, or money in return is a co-signer. A co-signer is someone who agrees to take on the legal responsibility for the debt if the primary borrower fails to make payments. This is especially common in situations where the primary borrower may have limited credit history or income, making it more difficult for them to secure a loan on their own.

In lending situations, the co-signer supports the loan application by providing additional assurance to the lender. They do not necessarily benefit directly from the loan proceeds—unlike the borrower—who receives fund disbursement and uses the money for a specific purpose. This unique position of co-signing establishes their liability to repay the debt, reinforcing the borrower's qualifications.

The other roles mentioned, such as guarantor, borrower, and endorser, have distinct functions in lending processes. A guarantor typically promises to make the payments if the borrower defaults, but this often comes with a more formal obligation related to the borrower’s performance than a co-signer's role might imply. A borrower is the individual who takes out the loan and receives the benefit of it. An endorser usually refers to someone who signs