Guarantor

A guarantor is a person who agrees to be responsible for someone else's debt or obligations if that person is unable to pay. For example, a guarantor may agree to make loan payments on behalf of a borrower if the borrower is unable to make the payments themselves. A guarantor may also be required for a rental agreement, where they agree to cover the rent if the tenant is unable to pay. In some cases, a guarantor may be required to provide collateral, such as a property or a financial asset, as security for the debt or obligation. Being a guarantor is a serious responsibility, and can have financial consequences if the person being guaranteed defaults on their payments.