guarantor (Meaning)
guarantor (n)
one who provides a warrant or guarantee to another
guarantor (n.)
One who makes or gives a guaranty; a warrantor; a surety.
One who engages to secure another in any right or possession.
Synonyms & Antonyms of guarantor
guarantor Sentence Examples
- The guarantor pledged their assets to secure the loan in case the borrower defaulted.
- Banks often require a guarantor to mitigate the risk of extending credit to individuals with poor credit histories.
- A guarantor assumes legal responsibility for paying the debt if the primary borrower fails to do so.
- Guarantors should carefully consider the financial implications before co-signing a loan.
- In some cases, the guarantor may be liable for the entire amount of the debt, not just the portion that the borrower could not repay.
- Co-signers and guarantors play similar roles in guaranteeing repayment, but the specific legal obligations may vary depending on the jurisdiction.
- A guarantor's credit score can be affected if the borrower defaults on the loan.
- Joint and several liability means that either the borrower or the guarantor is solely responsible for repaying the entire debt.
- Guarantors typically have the right to be notified if the borrower misses a payment.
- Guarantors should seek legal advice before signing a guarantee agreement to fully understand their responsibilities.
FAQs About the word guarantor
one who provides a warrant or guarantee to anotherOne who makes or gives a guaranty; a warrantor; a surety., One who engages to secure another in any right or p
sponsor, patron, surety, benefactor,supporter, advocate, cosigner, underwriter,teacher, backer
No antonyms found.
The guarantor pledged their assets to secure the loan in case the borrower defaulted.
Banks often require a guarantor to mitigate the risk of extending credit to individuals with poor credit histories.
A guarantor assumes legal responsibility for paying the debt if the primary borrower fails to do so.
Guarantors should carefully consider the financial implications before co-signing a loan.
