Credit and Loans Subcategories

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

Knowledge Base Issues

Is there a maximum age to be accepted as a guarantor?
Financial institutions have the discretion to accept anyone as a guarantor as long as the legal requirements of a guarantor are met. Back to Guarantors' Contents
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,...
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What are the different types of bank guarantees? What should a guarantor know?
A loan can be guaranteed by one or more guarantors. However, this does not mean that the liabilities of the guarantors are shared equally amongst themselves. The financial institution has the...
Does my signature of guarantee have to be witnessed? What should I do if I am not agreeable to some of the terms in the contract of guarantee?
Yes. Guarantees would normally be signed in the presence of a third party although it is quite common for the financial institution's officer to act as a witness. However, financial institutions...
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...

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