Would you be loan guarantor

Profwriter

Active member
A loan guarantor is one who have agreed to be held responsible should the person who takes a loan refuses or is unable to pay back. With the harsh economic realities everywhere, will you stand as a guarantor for any loan?

I feel somehow when people come to me asking me to sign the guarantors column for them to take their loans, and sometimes when I ask them how they Palnackie to pay back, they seem not to have any answer. It's terrible to take a loan without having any plan to pay back.

Worse still are people who take loan for business but never use it for business, rather they embezzle it on something else.
 

greatguy1

Active member
I can be a Loan Guarantor for a trustworthy individual. He must be someone I can trust and repose my confidence on. The project that he needs the loan for must be well understood by me and I would keep an eye to how he judiciously applies the loan.
 

Kingsley

Valued Contributor
Been a guarantor for someone that is trying to obtain a loan from either finance company is indeed very risky, because if the person that is suppose to make the refunds or payback refuses or fails to pay. Then you will be held liable for everything that the person in question fails to pay. So it is not really advisable for one to stand in for someone as a guarantor if you don't trust the person.
 

Good-Guy

VIP Contributor
It all depends on how trustworthy a person is. If you think that a person is trustworthy and he is indeed capable of giving the loan back, then I do not think that there should be any problem. However, most of the people are not that reliable nowadays, so I might be reluctant to become a loan guarantor.
 
D

Deleted member 28873

Guest
would I be a loan guarantor? my answer to this is simple I won't be a loan guarantor to any one , I don't like associating my self with loan talkless of sticking with it because of someone else.besides the disgraces attached to it if the person fails to pay at the designated time, it would involve them disturbing you and I don't like been disturbed over stupid reasons .Then you will be held for everything that the person in question fails to pay. So it is not really advisable for one to stand in for someone as a guarantor if you don't trust the person.I could only consider doing it if the loan is not that big and could be easily payed off.
 

Profwriter

Active member
I can be a Loan Guarantor for a trustworthy individual. He must be someone I can trust and repose my confidence on. The project that he needs the loan for must be well understood by me and I would keep an eye to how he judiciously applies the loan.
Your submission on this discussion is a great one as it differs from what many others have said. Keep it up but do it wisely so that you don't get yourself hurt and people around you. If you must stand as a guarantor for anyone who is about to take a loan, kindly ensure that you have what it takes to pay back the loan assuming the person you stood in for refuse to pay or runs away.
 

TOZZIBLINKZ

VIP Contributor
That will be the last thing I will ever do, I'm saying this out of experience, a friend of mine wanted a loan so they need a guarantor,He came to me and said I should come and be his guarantor that he's really in need of this loan so as to start up his new business, that he promise never to disappoint me, I agreed, but he disappointed me, he couldn't pay back the loan so I have to use my own money to pay the loan to avoid problems.
 

Alexandoy

VIP Contributor
My wife and I are both working in a bank so we know what is best for us regarding signing a loan co-maker or guarantor. When the borrower abandons the payments it is the co-maker that would be chased by the bank’s lawyer. I would only agree to be a co-maker of a loan by my siblings or parents and nothing more.
 
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