A co-signer undertakes to take charge of the payment of the credit in case of delay of the borrower. The credit agreement should clearly describe how the money is repaid and what happens if the borrower is unable to repay. Late payment – If the borrower expects to be late in their payment, they should contact the lender and make agreements. Additional charges may be charged for late delays. ☐ In case of late payment of the borrower, the lender can not accelerate the loan. A credit agreement is a written agreement between a lender and a borrower. .