Credit and Loans Subcategories

Subcategories are listed below to provide more narrow searching within the Credit and Loans category.

Knowledge Base Issues

Can a bank take legal action against the borrower and guarantor at the same time without exhausting all means to go after the borrower first?
A banking institution has the discretion to commence legal action against the borrower and guarantor either at the same time or after exhausting all legal avenues against the borrower. However,...
What should I know before being a loan guarantor? Why do I need a guarantor for a loan?
Financial institutions may require guarantees to enhance the credit standing of prospective borrowers, thus enabling them to obtain financing. Many people think that a guarantor gives a reference...
How do I withdraw as a loan guarantor?
A guarantor may request to be released from the guarantee. However, the decision is up to the financial institution. The financial institution may: Agree without conditions Agree subject to an...
What is a guarantee? Why do banks need a guarantee?
A guarantee is a legal contract that binds you to pay the debt of the borrower if the borrower fails to do so. The financial institution can sue you when the borrower does not pay back his or her...
Can I agree to be a guarantor for only a specific period of time?
Yes. However, this depends on the borrower's arrangement with the financial institution. Back to Guarantors' Contents

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