What is a Guarantor? A guarantor is a person who makes a promise to pay a debt if the original debtor on the loan cannot pay. Guarantors agree to use their assets as security on the loan. A guarantor does not have a legal claim to the property purchased by the borrower but remains ...
A guarantor is a person who assumes the responsibility of paying the loan in the event that the borrower defaults in payment. In the event that the...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your ...
Advertisement Considerations A person or company should only agree to guarantee a loan if she feels she is capable of repaying the loan in full. Guarantors must also go through a loan application process, so borrowers should choose guarantors who are financially stable to ensure the loan applica...
4. Any person who is in ___ while awaiting trial is considered innocent until he has been declared guilty. A. jeopardy B. custody C. suspicion D. probation 5. The snow___ my plan to visit my aunt in the countryside. A. confused...
The person who guarantees the loan must be prepared to repay the entire amount if necessary and should not agree to guarantee a loan if he or she is financially unable to do so. Anyone who is considering whether to become a guarantor should obtain a copy of the loan contract and should ...
What is a guarantor mortgage? Who are guarantor mortgages suitable for? Risks of a guarantor mortgage What happens if a guarantor can’t pay? What are the alternatives to a guarantor loan? Speak to a financial adviser Key points With guarantor mortgages, parents or other family members use the...
A guarantor can be any person or entity who personally secures the performance of an obligation or payment of the debt of another person using their assets. They are liable only when the debtor defaults. Answer and Explanation: A guarantor is liable for an unpaid loan when it co-signed with...
5. Guarantor means: A person who assumes liability for the payment of a deposit if a customer fails to pay the deposit. A Guarantor must be a customer of the Company. The Guarantor is limited to the amount of the deposit owed by the customer and ceases after the date after the deposit...
A guarantor is a financial term describing an individual who promises to pay a borrower's debt if the borrower defaults on their loan obligation. Guarantorspledge their own assetsas collateral against the loans. On rare occasions, individuals act as their own guarantors, by pledging their own a...
he might need a guarantor—someone who earns more money and has better credit who can co-sign a lease or vouch for the renter. In this case, the renter would sign the lease, the guarantor wouldco-signor countersign the lease, and the building owner would then countersign the lease, making...