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For guarantee credits, two persons are signing the loan contract (or loan application), i.e. the debtor and the guarantee.
Creditors have no framework for such individuals to assess their probability of repayment. As a rule, a sponsor must have three features. The reason for this is that poor loans are usually due to the fact that earlier debt is not repaid immediately. You should be confident that the debtor will reimburse the amount immediately.
Lastly, the guarantee should be prepared to reimburse the loan if the debtor does not do so. That is important for the creditor. However, in some cases, even if the debtor has declared insolvency, the guarantees are obliged by law to reimburse the debtor's outstanding guarantee credits. From a legal point of view, guarantees are just as much responsible for guarantee credits as they are for debtors.
Should a debtor default on the loan, the creditor can turn to the surety. Indeed, most creditors jump on the guarantors at the first signs of difficulty. Guarantee credits can be the final repayment for creditors with a verified rating. In some cases, the attendance of another individual (e.g. the guarantor) can give a further impulse for rapid repayment.
Anyone who knows the debtor well enough and relies on him to put his own finances at stake in his name. Guarantors must have enough funds to pay back debts. You must prove this before the creditor can agree to them as guarantors. Both these persons are the borrowers and the guarantors.
In the event that the debtor does not do so, the guarantee company shall undertake to reimburse the loan. We are a fully licensed and authorized loan intermediary and not a creditor. The creditor is subject to the following conditions: subject to the creditor requirement and authorisation. It depends on your creditor whether your institution will accept quicker payment and whether the creditor needs extra information or documents from you to process your application.