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 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...
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...
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...

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