How to find a guarantor

Recently, due to the lack of economic stability in the country and the world, it has become increasingly difficult to find a guarantor for loans. Few people want to jeopardize their material well-being and act as a scapegoat if the borrower suddenly becomes insolvent. Who should I contact in a situation when it is impossible to get a loan without a guarantee?

Instruction manual

1

Choose a lending program under which interest rates will be reduced subject to the guarantee of other persons. Please note that not all banks provide such conditions to their borrowers.

2

Ask your immediate family, friends and acquaintances to become guarantors of your loan. Be sure to provide them with evidence that you do not have other loans either before this, or before any other bank. You will need to provide the same information to other people if you really want to find a guarantor as soon as possible.

3

Go online and try to find a guarantor from your region. You can find a person who will become your guarantor for a certain fee on social networks and on bank forums or on sites dedicated to banking. Invite this person to meet with you in person, do not send him any money or documents before you see him. Make a deal and loan agreement in the same way as if your friend acted as a guarantor.

4

If you could not find a guarantor, contact the bank and find out if the charter of the bank is regulated by the issuance of a loan against a guarantee not only of an individual, but also of a legal entity (company, institution, enterprise). Typically, bankers do not object to such a guarantee, especially in cases where the legal entity has a positive credit history, a stable financial position and a current account with the same bank.

5

Be sure to indicate in the contract with the bank the limits of the guarantor's responsibility, as this will be beneficial, first of all, to the person (or organization) who decided to vouch for you. Usually banks do not protest against partial liability, but on the terms of a guarantee of several persons.

6

Conclude an agreement on the provision of a guarantee and indicate in it the conditions for reimbursing its costs if you cannot repay the loan debt on time.