Guarantor Loans - What Is A Guarantor?

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Audio transcript:

Hi, and welcome back. So what is a guarantor? The dictionary says: "A person, organisation, or thing that guarantees something". In simple terms, guaranteeing a loan means promising to make the repayments if the borrower can't. The extra protection for the lender enables them to lend to people that the banks won't, due to not having a credit history or having a poor credit score. Usually the guarantor will need to have a good credit rating and some companies require them to be a homeowner.