The biggest risk of giving others a guarantee is that if the lender fails to fulfill the repayment obligation, then you need to repay it on his behalf. If you don't perform all the time, you will be sued by the bank as a defendant. The documents to be provided are mainly ID cards, household registration books and other documents to prove their information. If you ask for a household registration book, you only need to provide your own page, and sometimes you will ask for an index page.
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As a guarantor, you need to bear corresponding legal responsibilities, which also means that you need to bear corresponding risks.
1, repayment risk. Once the lender fails to perform the repayment obligation for some reason, you, as the guarantor, need to repay the loan on his behalf, and the investigation of repayment responsibility is more complicated. For example, your guarantee type belongs to joint guarantee, which involves multiple guarantees. After the guarantor dies, his legacy will still be used to repay debts.
You may be sued. If the lender defaults, you will also be sued by banks or financial companies, because they have the right to ask one or more parties to pay the loan together. Even if you are not the only guarantor, the remaining debts may not be evenly distributed, and the rich will not single out for debt collection.
3. Affect personal credit information. The importance of current social credit reporting is self-evident. On the one hand, if the lender defaults and you don't repay, your credit will be tainted, which will have a great impact on your future life. On the other hand, if you need a loan in the future, some loan companies will check your guarantee, and if you guarantee others, it will also have some impact on the amount you approve.
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