Moreover, if the applicant fails to repay the loan in time, it is likely to create a bad credit record for himself and have an impact on his loan application. If he guarantees for others, the loan platform will worry that your credit risk is too high, so the loan amount given to you by the bank will be reduced to some extent.
Extended data:
Specific impact:
First, if you are a guarantor, you may not be able to apply for a loan.
The guarantor's responsibility is to repay the loan on behalf of the lender when the lender is unable to repay the loan. Even if the lender is not unable to repay the loan, when applying for personal loans, RV loans, car loans, corporate loans and provident fund loans, it is also possible that the loan application will not come down because of the high credit risk of providing guarantees for others.
Second, the amount may be affected when applying for a loan as a guarantee for others.
Generally, when you apply for a loan, the bank should judge how much loan it can give you through your personal qualifications. In other words, the credit risk caused by your personal qualifications exists, but if you only bear your own credit risk, there may not be much problem.
However, if you also bear part of the credit risk for others at this time, then the loan platform will be very worried that your credit risk is too high. Then the loan amount you can get at this time may be much lower than expected.
Third, guaranteeing personal credit information for others may be affected.
The guarantor guarantees the loan for others, and the other party repays the loan as promised. However, I am afraid that these people don't care about repayment at all, which will defile their personal credit information and the personal credit information of the guarantor. And if the other party becomes a black household, it is very likely that you will be pulled into the "blacklist" by the loan platform.