Question
What is a guaranteed loan?
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29th Nov 2009 by Burt Carlson
When a borrower has a credit profile that is not acceptable to the lender sometimes another party can guaranty the loan. This means that in the event of default by the borrower the guarantor assumes the responsibility to make the payments. If the guarantor fails to comply with the loan terms both the borrower and guarantor suffer the consequences.
When a borrower has a credit profile that is not acceptable to the lender sometimes another party can guaranty the loan. This means that in the event of default by the borrower the guarantor assumes the responsibility to make the payments. If the guarantor fails to comply with the loan terms both the borrower and guarantor suffer the consequences.
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17th Nov 2009 In Finance
1 Answers | 59 Views
Subjects: guarenteed loan,