Whether you have a bad credit score or limited assets to keep as collateral, you are likely to require someone who can become your guarantor and help you get a credit facility.
However, finding a guarantor can be tricky; hence, you must know everything associated with a guarantor before finding one.
Anyone who trusts you and can agree to prove your repayment commitment to the bank/lender! A guarantor must be willing to back up your loan account and ensure no EMI is missed.
Being a guarantor means helping someone looking for a credit facility, but banks are not assured of their financial potential. Becoming a guarantor for someone means you sign the agreement and officially announce that you will afford the repayment if the borrower fails to repay it on time.
In short, a guarantor is anyone who helps to proves the authenticity of the borrower. If the borrower fails to make the payment on time, the guarantor is liable to do the same.
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