Guarantor
A guarantor is a person or entity that agrees to repay a loan if the borrower defaults. It provides lenders with additional security.
Guarantors are common in business loans and rental agreements. The guarantor is typically not entitled to the loan proceeds.
Related Terms
Co-Signer
A co-signer is a person who signs a loan agreement and shares responsibility for repayment. If the p...
Default
Default is the failure to meet the terms of a loan agreement, usually by missing payments. It can tr...
Credit Score
A credit score is a numerical rating that represents a person's creditworthiness based on their cred...
Secured Loan
A secured loan is backed by collateral such as a home or vehicle. If the borrower defaults, the lend...
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