What is what does guarantor mean?

A guarantor is a person who agrees to pay a borrower's debt or fulfill their financial obligations if the borrower fails to do so. The guarantor provides security to the lender by promising to cover the debt in case the borrower is unable to make the payments on time. Guarantors are often required by lenders when the borrower has a poor credit history or does not have sufficient income or assets to secure the loan. Guarantors are commonly used in loan agreements, rental agreements, and other financial contracts. As a guarantor, one should carefully evaluate the risks involved and ensure that they have the financial capability to fulfill their obligation if necessary.