Why we need guarantor for a loan? - Letsdiskuss
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alvina clair

Financial adviser | Posted 20 Aug, 2019 |

Why we need guarantor for a loan?

Eumaxindia Seo denniboy

@blogger | Posted 26 Aug, 2019

When you agree to become a guarantor for a loan, you are making a financial commitment, one that should be done only after considering all the aspects. This is important because if the borrower defaults on the payment, the responsibility of the loan has to be borne by the guarantor. Fore More Info..

james peter

Employee | Posted 24 Aug, 2019

Hi, We need a guarantor for secured loans only. There are unsecured loans where no need for any guarantor or collateral. As a surety, the lender will ask for a guarantor,  there might be a situation that occurs when a borrower not able to make repayments for an availed loan then the guarantor will be responsible for all the borrowings.