Consolidation of Loans – Can I be a Guarantor of Credit Debt?

Banks have been a friendly hand in every moment of life. They are the banks that provide us with the cash needed for our urgent cash needs when there is no money. When the question of who I would like to ask when there is a bank is now in everyone’s language, the opportunities provided by the banks are mutually beneficial. So can someone with credit debt voucher? Is the guarantor of the person who is indebted the loan?


Criteria for becoming a guarantor

credit guarantor

Banks usually receive most of the amount they finance; they try to do whatever it takes to give credit to consumers. In this case, if the consumer’s credit rating is low or the credibility is an insufficient guarantor is required. Banks require the guarantor to guarantee the loan. As you know, the guarantor means that if the borrower cannot pay, the guarantor will pay the guarantor.

The status of the guarantor will vary according to the type and amount of the loan used. For example, in a consumer loan, if the figure is not too high and the consumer’s credit rating is not too low, the surety may not be required. In the case of loans with high amounts such as housing loans and vehicle loans, the bank requests both a guarantor and a guarantor when placing a pledge on the vehicle or house used.

The banks approve and disburse the loan according to the payment status of the borrower and the credit rating. Since the guarantor will be deemed debtor; the guarantor will not be accepted if the debt situation will occur above its basic needs. With respect to the guarantor’s credit rating as well as borrowers, in the case of non-payment of salary loans will be looked at by him is sufficient to pay the sponsorship will be accepted or rejected.


Can a guarantor be a loan borrower?

Can a guarantor be a loan borrower?

In short, the guarantor will be examined as a debtor because it means indebtedness in the guarantor, the guarantor will be treated the same as the debtor. Your guarantor’s credit rating will be rejected if the credibility is insufficient or not, or if your guarantor has credit and this is above the basic needs of his / her salary, the guarantor will still be rejected. We can say that your guarantor should be more robust and have a high credit rating.

In case of non-payment of the loan, guarantor is a person who will be responsible for verbatim. If the original debtor disrupts the payment of the loan and the loan becomes a lawyer, another person who has to pay the debt is the guarantor. Warranties are not only a process on paper.