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what is a garantor?
I have read a couple different roles of a garantor.
1-- it is a person of good standing, known to the applicant for at least 2 years, good credit rating, etc, and his or her role is simply to confirm that the information on birth certificate, application, etc, is true.
another version/role:
2-- same as first one, plus this part: if applicant is not able to pay the loan, etc, the company can turn to the garantor for payment.
I am totally confused.
Now, if that wasn't enough, my son is asking me to be his garantor for a new apartment he is planning to rent? what is a garantor for an apartment? does that mean I will be responsible if he misses payment of rent?
Please can someone clarify the dilemma I am in to help me make a good decision on this....?
3 Answers
- WhoLv 77 years ago
A guarantor is a fool that guarantees they will pay somebody's debt if they dont,
(they are a fool cos they cannot possibly benefit from being a guarantor,, but can lose a lot of money if the debtor defaults)
- ?Lv 77 years ago
A guarantor is a person that will guarantee the rent will be paid in case the tenant does nor pay the rent. YES it mean you will pay if he misses a payment and if he is late. ( late fee ) NOT a good idea to sign for anyone.
