As a guarantor of a friend's loan, there may be the following hazards:

1. Personal credit is damaged, which affects credit granting.

If a friend can't bear the responsibility of repayment, it will also be displayed on the guarantor's credit report if it is overdue. At that time, it will affect the credit of the guarantor, and it will also be affected if the guarantor applies for loans and credit cards in the future.

Second, help each other repay.

Those who guarantee loans for others need to bear corresponding guarantee responsibilities. If a friend can't repay the loan, the bank is likely to find a guarantor, let the guarantor bear the repayment responsibility and pay off the debt.

Therefore, I suggest that you should not easily guarantee other people's loans, even relatives and friends, but also consider whether the other party has sufficient repayment ability. After all, if the other party has no repayment ability, it is also their own repayment. If it is overdue, personal credit will be damaged. Especially for people with average economic conditions, when someone offers to be a loan guarantee, it is best to refuse it directly.

When helping friends guarantee loans, customers need to pay attention to:

First, when signing a guarantee contract, it is best to agree with the other party that the guarantee type is general guarantee, so that the creditor can refuse to bear the guarantee responsibility before the main contract has been tried or arbitrated and the borrower's property cannot be enforced according to law. In the case of joint and several liability guarantee, the creditor may require the borrower to perform the debt, or require the guarantor to bear the guarantee liability within the scope of its guarantee, and the guarantor has no right to defend first.

Second, be sure to confirm the credit of your friends. The better your friend's credit, the less risk you have. Otherwise, the other party borrowed money and ran away directly, and had to pay it back himself. Moreover, if the other party is overdue, there will be bad information in his credit report, which will lead to credit damage and affect his subsequent loan.

Third, you must ensure that you have a stable economic income and sufficient repayment ability before agreeing to the guarantee. Otherwise, helping others to guarantee will increase personal financial burden.

Fourth, understand the borrower's repayment ability. The income level of the borrower is an important factor to determine whether the arrears can be paid off.

5. Investigate whether the borrower has other debts. Some borrowers have a good reputation, but when the debt crisis breaks out and they are unable to repay, their reputation will not be exchanged for money. Therefore, it is not recommended to guarantee the responsible borrower.

My friend wants a loan and wants me as a guarantor. What should I do?

If you have confidence in your friend's character and financial ability, you can vouch for him, otherwise, you can't vouch for him.

According to the provisions of the guarantee law, the third party and the creditor agreed that when the debtor fails to perform the debt, the guarantor will perform the debt or assume the responsibility as agreed. The third person here is a guarantor, including a legal person, other organization or citizen who has the ability to pay off debts on his behalf. Family members can be guarantors, but they must be able to pay their debts.

The creditor and the debtor shall stipulate in the contract that after the creditor retains the property, the debtor shall perform the debt within a period of not less than two months. If there is no agreement between the creditor and the debtor in the contract, the creditor shall set a time limit of more than two months after the debtor's property is retained, and notify the debtor to perform the debt within this time limit.

Extended data:

Article 69 of China's Interpretation on Several Issues Concerning the Application of the Guarantee Law of People's Republic of China (PRC) stipulates that the debtor has several ordinary creditors, and when the debtor pays off the debt, he maliciously colludes with one of them to mortgage all or part of his property to the creditor, losing the ability to perform other debts and harming the legitimate rights and interests of other creditors, and the other creditors who have been harmed may request the people to cancel the mortgage.

This is a malicious mortgage, and ordinary people can cancel it according to civil procedures.