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By: Jimmy Urso

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Tuesday, 11-Jan-2011 14:14 Email | Share | | Bookmark
Being A Quid Loan Guarantor

 
One of the most common questions we are asked by viewpoint guarantors is: what am I in fact committing too when becoming a guarantor? The answer to the question is: if the applicant fails to meet the repayments of the Quid Loan, and the lender has exhausted all option, then you as the guarantor would have to step in and make the repayment. As the repayments are journal, the guarantor may have to make just the one payment, but if the applicant is in more permanent financial difficulty making the repayments may become a regular occurrence. As such being a guarantor is something that should be considered carefully.
There are some other things to consider when in agreement to be a guarantor. There are now a number of sponsor lenders in the market, each of them have a different process. Some guarantor lenders do not credit check the applicant, instead relying on the guarantor's credit file and profits to make a lending choice. Other guarantor lenders are more thorough and perform both affordability and credit search on the applicants to asses the likelihood of them repaying the loan. As a would-be guarantor I would advise going with a lender who performs thorough checks as the likelihood of having to step in and make the repayments on behalf of the applicant are significantly less if the applicant has been properly assessed.

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