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Risks of becoming a loan guarantor

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Several people help their friends and family members by becoming a loan guarantor. When someone signs as a guarantor for a loan, he is granting the guarantee to the bank that he will repay the loan in case the borrower or co-borrowers fails to do so. It's due to death or any other cause. If the borrower defaults on the loan repayment, it will also hurt the guarantor's credit score as the information about the loan guaranteed will be presented in his credit report. Start watching this video to know the various risks of becoming a loan guarantor.  

 
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