Surety, as defined in the book of Proverbs, is different than being a guarantor or cosigner for a loan. A cosigner of a loan makes someone responsible and liable for another person's debt ONLY IF that person does not pay what is owed.
Interestingly, the Apostle Paul mentions surety (from the Greek egguos, Strong's Concordance #G1450), in relation to Jesus Christ. It is the only place in the King James New Testament where egguos is translated into this word.
By so much was Jesus made a surety of a better testament (Hebrews 7:22, KJV).
A more modern translation of the verse is below.
22. By such a greater measure then, Jesus was made the Guarantor of a superior covenant. (Hebrews 7:22, Holy Bible - a Faithful Version)
This means the Christ ensures, in himself, the validity and certainly of the New Covenant made possible through sacrificing himself for the sins of the world.
Places in Scripture other than Proverbs that discuss surety includes Genesis 44:32, Deuteronomy 24:10 - 13, Exodus 22:26 - 27, Ezekiel 18:7, 12; 33:15 and Amos 2:8.
1. My son, if you are surety for your friend, if you have struck your hands in a pledge with a stranger, 2. You are snared with the words of your mouth, and you are caught with the words of your mouth - 3. Then my son, do this now, and deliver yourself when you have come into the hand of your friend: go, humble yourself and make your friend sure. 4. Do not give sleep to your eyes or slumber to your eyelids. 5. Deliver yourself as a gazelle from the hunter's hand, and as a bird from the hand of the fowler. (6:1 - 5)
15 He who is guarantor for a stranger will surely suffer for it, but he who hates being a guarantor is secure. (11:15)
18 Only someone with no sense would promise to be responsible for someone else's debts. (17:18)
16 Take his garment when he becomes surety for a stranger; and for foreigners, hold him in pledge. (20:16)
26. Be not one of those who strike hands, or of those who are sureties for debts. 27. If you have nothing to pay, why should he take away your bed from under you? (22:26 - 27)
13 Take his garment when he becomes surety for a stranger; and for an adulterous woman hold him in pledge. (Proverbs 27:13)
World's Wit and Wisdom
The creditor hath a better
memory than the debtor.
James Howell, c. 1594 - 1666
Our years, our debts,
and our enemies are
always more numerous
than we imagine.
Charles Nadier, 1780
Before borrowing money
from a friend, decide
which you need most.