👉 In the context of finance, a guarantorship refers to a type of loan where a third party is given an obligation to repay the principal amount if the borrower defaults on the loan. This third party is known as a guarantor, and they typically provide financial support or guarantee to help cover the risk associated with lending money to a borrower. Guarantors can be individuals, such as family members, friends, or business partners, who are willing to take on the risk of defaulting on
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What is the definition of Guarantor? 🙋
👉 A guarantor is a person who provides financial assurance to another party in exchange for payment. This means that if the borrower cannot fulfill their obligations, the guarantor will be responsible for covering the shortfall. The guarantor's role is to ensure that the borrower can meet their obligations and pay back the money borrowed.
What is the definition of Guarantors? 🙋
👉 Guarantor is a person who is legally responsible for repaying money or goods that they have lent to another party. In other words, it's an individual who has agreed to take on the financial responsibility of lending funds to someone else. The borrower is typically the one who takes out the loan, and the guarantor acts as a "guarantee" in this context.
