LORELAI: No, I mean it. I can’t leave without knowing there’s a way that I can save my house, so I’m just asking you to take five minutes and think of something, anything that I can do to get this money.
MILES: Well, you can get someone to co-sign the loan with you.
When someone co-signs a loan with you, they are promising to become responsible for your debt should you become unable to pay for any reason. It isn’t uncommon for parents to co-sign a loan for their child, especially for people who are too young to have built up a credit history yet.
Lorelai may feel embarassed that, even as a homeowner with a good job in her thirties, she still needs her mother to co-sign so that she can get a personal loan. However, Emily is showing quite a lot of faith in Lorelai, because if she did default on the loan and leave Emily responsible for the payments, it would damage her mother’s credit rating. Emily must trust Lorelai to be able to handle the loan payments herself, once she has been given a helping hand.
(Of course, Emily would never allow Lorelai to default on the payments – she would give her the money if necessary to make sure neither of them ended up in financial hot water).