Many life situations involve a need for money to be borrowed or credit agreements to be made. Many of these agreements can be difficult to get approved for, for some borrowers, and adding a guarantor to the agreement can help them get approved. A guarantor is simply someone who picks up a missed payment when a lender can’t make it.
As experts in guarantor loans we have put together a series of guides to help you find all the information you could possibly need on being a guarantor. We want to help both potential borrowers and potential guarantors to understand the benefits and any of the risks involved in someone being a guarantor.
How being a Guarantor works
If you’re considering being a guarantor, there are a number of things that you should understand before you agree. It’s good to know the reasons why you are being a guarantor, and what the process is once you decide to be one. Then, after a formal agreement is made you’ll need to understand how it works when a payment is missed and you need to step in. We’ve got all the information on how being a guarantor works in our guide.
Responsibilities of a being a Guarantor
What are the responsibilities of a guarantor, once they have decided to become one? Do they inherit all debts of a borrower? What if circumstances make the debts a guarantor’s responsibility? Are there any special circumstances that make missed payments that aren’t the guarantor’s problem? We’ve gone through all of these in our guide on the responsibilities of being a guarantor.
Can I stop being a Guarantor
It’s worth understanding the limitations that being a guarantor can have on your plans for applying for loans, mortgages or similar agreements. As such it’s best to understand whether you can stop being a guarantor should you choose to be. The short answer is no, but there are a number of situations where it’s good to know your rights and what they could mean for you. Check out our guide on whether you can stop being a guarantor for more information.
- What happens if a guarantor cannot pay
- How can being a guarantor affect your credit rating
- Who can be a guarantor