Credit and Loans Subcategories

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

Knowledge Base Issues

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 if I am not agreeable to the changes made in the terms and conditions to the loan granted to the borrower after the contract of guarantee has been signed?
Most financial institutions would include the right to vary the terms and conditions of the loan agreement. It is therefore important for a prospective guarantor to read and understand the...
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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