What is a guarantor liable for?
You’re liable for the full balance of the outstanding loan from the time the borrower stops paying plus any interest and fees 💷
- The same liability as if you had taken the loan yourself.
- You should, therefore, be able to meet the full loan repayments on top of all other existing financial commitments.
If you do not, you are subject to the same implications as if you had defaulted on an unsecured loan that you had taken out yourself.