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  4. What is a guarantor loan?

What is a guarantor loan?

Unsecured credit that requires the borrower to find someone to guarantee their application 🧑‍🤝‍🧑

  • Typically, a family member or friend (with a good credit rating and regular income).
  • A type of loan that helps people with a bad credit rating access affordable finance.
  • The borrower and guarantor both sign the credit agreement.
  • If the borrower defaults on their repayments, the guarantor has to make the monthly payments.

 


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