Can a guarantor take a loan from a bank?
The guarantor is considered a guarantor of repayment to the bankcredit money. Loans under collateral are more profitable, because they are subject to low rates and high limits. As you can see from the statistics, most of the clients successfully calculate with a debt. But can a guarantor take a loan from a bank? This is described in the article.
When is a suretyship required?
Usually, the guarantors of loans are relatives andclose the borrower. It is rare enough that a person guarantees for a colleague or an acquaintance. Before making a deal, you should analyze the consequences in the event of non-payment of a loan by the borrower.
A surety is usually needed in the following cases:
- Doubts about the solvency of the borrower.
- Critical age of the borrower - he is too young or old.
- A large amount is provided without security.
- When there is no credit history. But this problem is solved without guarantors. It is necessary to issue a small loan. Automatically opens a credit history. After successful payment, the person will be a reliable borrower.
Requirements for guarantors are usually the same as forborrowers. He should not have a bad credit history. It is important to have a constant income and official work. If the material dossier is bad, then the chances of obtaining a loan are significantly reduced. When the debt is not paid by the borrower, the guarantor takes it upon himself. Therefore, usually such obligations are made only by very close people.
Restrictions of the guarantor
If the customer pays the loan without delays, thenthe bank does not bother the guarantors. This improves the credit history. Can a guarantor take a loan from a bank? A person who is a guarantor for someone else's credit can apply to a financial institution for financial assistance. The limitation is a reduction in the amount due to commitments.
Problems can occur ifthe bank does not receive the next payment. Then he can demand from the guarantor payment of the debt. If the loan is not paid within the crediting period, the financial institution applies to the court. As a result, the guarantor is responsible, as it is established art. 363 p. 1 of the Civil Code of the Russian Federation. The bank may require:
- main debt;
- interest and penalties;
- forensic penalties.
As a result, the credit history deteriorates. There are almost no chances for loans. Can a guarantor take a loan from a bank in this case? He can apply to a financial institution, but it is unlikely that the application will be approved. But it should be borne in mind that each bank considers the application individually.
The possibility of issuing a loan
It is impossible to answer exactly the question of whether it is possible to take a loan to a guarantor. After all, each financial organization considers the application individually. At the time of application, you need:
- Fill in its form, where there is a clause about the guarantee. Do not hide this information. The bank will verify the reliability of the data. If the wrong information is found, there will be a failure.
- Submit a certificate of income. During the calculation of the amount, the bank takes into account the size of the loan, under which the surety acts, as a second loan. It should be shown that the material condition allows you to pay 2 debt. Some creditors take into account only 50% of the monthly income, suggesting that the second half is needed for living.
The banks also check the credit history, wherethere is information about personal loans and guarantees. Therefore, whether it is possible to take a loan as a guarantor depends on several factors. If the financial situation of a person will pay the debt, then, most likely, will be the approval of the application.
Reasons for failure
Can a guarantor take a loan for his needs? A surety as a method of securing the fulfillment of obligations is not an excuse for refusing a loan. But some nuances affect the outcome of the decision. Often banks reject applications of persons who are guarantors. There are several reasons for this:
- Untimely payment of a debt. As a result, the credit history of the borrower and guarantor deteriorates.
- If the loan was issued not so long ago, then there is more probability of rejection of the application.
- The more debt, the less chance to get your credit.
Financial institutions include creditcustomer load. Executed additional loans reduce the chances for approval of the application. Is it possible for a guarantor to take a loan from a bank, depends on the official income. It is important to document the ability to pay debts.
How to get rid of surety?
On the basis of paragraph 367 of the Civil Code of the Russian Federation, the guarantee is terminated in some cases:
- With the creditor transferring the debt to another person without the written consent of the guarantor.
- When the bank makes changes to the contract without the official permission of the guarantor.
- With bankruptcy or liquidation of the institution that issued the loan.
- Because of the renewal of the guarantee to another person.
- After the expiration of the period specified in the contract.
Since avoiding liability fordishonest payer is almost impossible, it is necessary to think carefully before assuming such obligations. After all, on a formalized transaction, the debt obligations of the guarantor appear after the borrower ceases to transfer funds.
Can a guarantor for a mortgage take a loan? There is no unequivocal answer to the question, it all depends on the bank's credit policy. Usually, the financial condition of the guarantor, the level of risks under the guarantee, the scope of possible consequences for liability are assessed. These factors are decisive when considering an application. Often in such cases, failures follow.
What do you need to consider before making a surety? It is necessary:
- Be convinced of the financial soundness and decency of the borrower. You should offer him insurance against the appearance of financial risks.
- It is necessary to add to the guarantee agreement options for termination of the transaction.
- It is necessary to find out the amount of payments and calculate whether it will be possible to pay debts if necessary. It is important to assess the opportunities, since in case of non-payment, responsibility passes to the guarantor.
- You should not be in charge of your bosses. If they apply for a loan, then this is already evidence of material difficulties.
Thus, whether it is possible to take a loan to a guarantor depends on various factors. Since this is permitted by law, you can try to apply. A decision will be made by the bank.