Credit and Loans Subcategories

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

Knowledge Base Issues

What are the rights of a guarantor?
There are certain rights accorded to you as a guarantor before and after signing the contract of guarantee. These include: The right to obtain a copy of the letter of guarantee or contract of...
What are the liabilities of a guarantor?
More often than not, guarantors willingly sign the contract of guarantee without fully realising the impact it may have in the future. Therefore, it is extremely important for a prospective...
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,...
If there is more than one guarantor and each of them came to the bank at different times to sign the guarantee, how should we sign?
It is advisable that all guarantors sign on the same document at the same time. However, in this particular type of situation, the respective guarantors can sign one guarantee document at...
What are the limitation of actions against guarantors? When will your liabilities as a guarantor be discharged?
Limitation Of Action Against Guarantors Where a guarantee is made payable on demand, a financial institution cannot bring an action against the guarantor until a demand has in fact been made under...

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