What is a guarantor?

A guarantor is a person or entity that agrees to take responsibility for paying off a loan or fulfilling a contract if the borrower or primary party fails to do so. Guarantors are often required by lenders or landlords to provide additional security in case the primary party is unable to meet their obligations.

In order to be a guarantor, a person usually needs to have a good credit history, stable income, and a strong financial standing. The guarantor's assets may be used to cover the debt or obligation if the primary party defaults.

It's important for guarantors to fully understand their obligations and the risks involved before agreeing to act as a guarantor. They should carefully consider the financial implications and seek legal or financial advice if needed.

Being a guarantor can help someone secure a loan or a rental agreement, but it also comes with potential risks and responsibilities that should be carefully considered before agreeing to take on this role.