What Is A Guarantor Loan

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Posted on December 27, 2018 at 15:08 PM

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What is a Guarantor Loan? | Loans Canada
A guarantor is a person who cosigns a loan in an effort to help the borrower get approved for the loan. However, this type of person differs from joint borrowers or co-borrowers. Joint borrowers are those who are borrowing money in conjunction with another borrower.
Being a Guarantor
Being a guarantor is risky, so if you’ve been asked to be one make sure you know what the implications are. The most important thing to remember is that if the borrower gets behind in their payments the lender has the right to chase you up for the money rather than the borrower (the person whose loan you guaranteed).
Guarantor legal definition of guarantor
The guarantor must have received reasonable compensation for guaranteeing the loan. Postliquidation payment on loans guaranteed by a shareholder The court ordered if guarantor fails to present Ishaq Dar till December 04 then his surety bond will be seized.

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