What are the duties of a guarantor?

User Avatar

Wiki User

2013-05-10 00:31:26

Best Answer

When a person does not have good enough credit to secure a loan or financing on their own, they need a guarantor. A guarantor is a co-signer, and that means if the person taking out the loan does not make the payments, then the guarantor has to make the payments.

User Avatar

Wiki User

2013-05-10 00:31:26
This answer is:
User Avatar
Study guides

Add your answer:

Earn +20 pts
Q: What are the duties of a guarantor?
Write your answer...
Still have questions?
magnify glass
Related questions

What is the correct spelling of guarantor?


Does a guarantor have to sign a lease for his responsibility as the guarantor?


Can you cancel an agreement being a guarantor?

No, you can not stop being a guarantor to an agreement while the terms of that agreement are in force. Thus if you are a guarantor for rent and the person your are guaranteeing fails to pay the rent - YOU must pay the rent.If you a guarantor to a loan and the person with the loan defaults, YOU must pay off the loan.This is what it means to be a guarantor - you can not get out of the agreement when things begin to go wrong.Think VERY carefully before being a guarantor to ANYTHING.

In corporate law is trustee for debenture holder also known as a guarantor?

No, trustee is different from a guarantor.

How do you use the word guarantor in a sentence?

His father acted as guarantor when he got the loan from the bank to buy the house.

What are the effects of release by the guarantor without the consent of creditor?

The guarantor cannot be released without agreement of the creditor.

Who is the responsible person for a medical bill?

The guarantor is the person responsible for a medical bill. For a child, the guarantor is usually a parent.

What legal responsibility does a guarantor have?

A guarantor is someone who pledges that a loan or other type of debt will be paid. Usually, a guarantor agrees to pay or perform another person's debt or duty should that person fail to do so. The term is most commonly used in reference to financial assistance. However, it is important to note that accountability varies from institution to institution. Often it is possible for a guarantor to opt out of their role as guarantor.

What is the difference in a cosigner and a guarantor?

A cosigner signs the debt agreement and the lender can demand payment from both the debtor and the cosigner. A guarantor does not sign and the lender needs to go through the debtor before demanding payment from a guarantor.

What is a guarantor on a loan?

A guarantor is someone who promises to support the application and guarantees to pay the monthly repayment if the borrower is ever unable to do so. For more Visit this page:

What is a word with suffix or?

guarantor, realtor

What is the spelling of guaranter?


People also asked