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...
Guarantees are normally given in favour of the financial institution and it is normally a standard document written with legal terminology. I do not understand them. What do I do?
You can request the bank officer to explain the legal implications to you or if you choose to, you can have the guarantee explained to you by your lawyer. Don't sign the guarantee if you are not...
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...

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