If you are considering quick guarantor loans, you have to be responsible in paying your loan. Why? It is simply because going default on your guarantor loan would only become a problem to your guarantor.
Let us establish some facts first. A guarantor loan is a particular loan given to individuals with poor or bad credit score. In this loan, a guarantor is necessary. The guarantor can be a friend, a relative, a colleague or any person who is not next of kind or dependent to the applicant. The role of the guarantor would be to guarantee that the applicant would pay the loan. But if the person goes on default or will not pay the loan, it will be the guarantor’s responsibility to pay the debt.
Come to think of this, if you are the one who took the loan and did not pay it, what will happen to your friend/relative/colleague who became your guarantor. Of course, he would end up suddenly having a debt. Because he has to pay for the guarantor loan, he would become very restricted financially. In the worst case scenario, his credit rating might also be affected because of what happened. If his credit rating drops, then he too may be unable to get a loan easily.
The biggest risk of all would be having a fall-out with the person whom you asked to be a guarantor. It is not a nice thing and it has happened a lot of times already. Friends, colleagues and even relatives had a major fall-out and would not wish to be associated with one another because of guarantor loans.
If your friend, colleague or relative you asked to be a guarantor is an important person to you, you should be the one who must pay the loan. Don’t run away. Don’t put him on a tight situation. Most of all, avoid having a fall-out with your guarantor.