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| What is a Guarantor?
Guarantor is a person or a company who is used as collateral. This means if a borrower doesn't have the collateral or has a bad credit history the only way he can apply for a loan if a third party vows to pay off the debt if he becomes incapable.
For example your trying to get a loan from a creditor but you don't have the necessary collateral or you have a history which could jeopardize your chances then you can call up somebody to help you out. The help means that the person or company covering for you will pay the debt if you miss or don't pay the monthly charge. | | | | |
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