Who can be a guarantor? Loan guarantor

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Often, in order to obtain a loan, borrowers need to invite a guarantor. Often this happens if your income is not enough to get a loan. In addition, it reduces the risk of non-repayment of money to the bank. Who can be a guarantor is described in the article.

Concept

A guarantor is a citizen or an organization of various forms of ownership, which is responsible for the timely fulfillment of obligations by the borrower. The subtleties of cooperation between the parties are specified in a special agreement, which takes effect immediately after signing. To obtain a loan, the borrower needs 2-3 guarantors. The document is signed with each of them. Each guarantor is considered liable to the creditor.

According to the law (Article 36 of the Civil Code of the Russian Federation), guarantors cannot claim funds issued by the borrower, as well as property purchased with this money. But in the event of a delay in payment or refusal to repay a loan, it is this person who becomes responsible for this. Each bank has rules about who can be a guarantor.

Requirements

Who can be a guarantor? Requirements vary by bank and loan program. It is usually important to match the following nuances:

1. Age is at least 18 years old and not more than 65 years old.
2. Citizenship of the Russian Federation.
3. Having a steady income of 6 months or more.
4. Positive credit history.

These are the basic requirements for who can be a guarantor. The bank may take into account other nuances. Typically, institutions require a certificate of income of the guarantor and other documents. Some financial institutions do not allow the involvement of close relatives and spouses, while others, on the contrary, give consent only to them.

It is unlikely that they will accept a guarantor with a bad credit history. Requirements must be found out at the banking institution where you want to get a loan. Although they may differ, the duties remain the same. This area is regulated by the Civil Code of the Russian Federation. First you need to familiarize yourself with the rules of the law before entering into a transaction. This will avoid many troubles. A loan without guarantors is a more convenient form, but it is not always available.

Responsibility and risks

The guarantor of the loan has a responsibility, which can be of 2 types. The first is solidarity. Under it, the obligations are equal for the guarantor and the borrower. Then the bank has the opportunity to impose sanctions on the guarantor at the first delay in payments. The second type of liability is subsidiary, which occurs when it is impossible to fulfill obligations. It should beconfirmed by the court. Usually, contracts indicate joint and several liability.

Therefore, if the borrower violates the terms of the contract, the bank may require the guarantors to perform the following actions:

• payment of debt;
• interest repayment;
• payment of fines and pen alties;
• pay legal fees.

Repayment of debt can be carried out with the help of cash or non-cash funds, as well as thanks to property. Real estate is considered inviolable if it is recognized as the only housing and bought by him in a mortgage. Otherwise, the bank's rights are unlimited: it can seize property, accounts, and also oblige to pay debts from wages.

Responsibility from the guarantor for the loan is not removed even at his death. If he dies before the end of the loan term, his obligations pass to the heirs. The bank cannot disturb the latter until the period of their entry into the inheritance. This confirms that bail is considered a risky move. It is easier to get a loan without guarantors, because not everyone agrees to such a deal.

Nuances

In addition to material risks, the guarantor receives a negative credit history in case of bad faith of the borrower. After all, delays will be taken into account by both parties. Even if your debts are paid in full, a surety can complicate things. These are not all the nuances.

Even if the borrower pays the loan in good faith, the guarantor may encounter problems in obtaining a loan. While that agreement is in effect, the limitwill be taken into account on its basis. If necessary, he can get rid of the status of the guarantor, but this requires the permission of the borrower and the lender.

Validity period

How long do the obligations of a credit guarantor last? This is established by the contract or the Civil Code of the Russian Federation. Usually the document indicates a clear deadline. It usually coincides with the period of validity of the loan agreement. But there are exceptions when you need to take into account the duration of the guarantee under the Civil Code of the Russian Federation:

1. If there is no deadline in the document, the guarantee ends if there are no claims from the credit institution against the guarantor within a year from the date of payment.
2. If there is no payment term in the contract, the obligations end after 2 years, if no claims have been received from the bank during this time.
3. If the bank has changed the conditions without notifying the guarantor and his written permission, then the guarantee ends automatically.
4. When an organization is considered a borrower, but it is liquidated, the guarantee ends.

The statute of limitations is 3 years. Duties are terminated when the borrower changes. This happens for various reasons. But this usually happens after the death of the borrower. Credit obligations are transferred to the heirs. If the guarantor is the spouse, then the obligation remains after the divorce.

Leniation of guarantor's liability

It turns out that if the borrower does not make payments, the guarantor will be responsible for this. What to do if the bank began to make claims?You should contact the borrower and find out his financial situation. If the delay in payment is due to temporary difficulties, and the person does not refuse obligations, then you can try to help him in solving the problem. For example, to find a job or a part-time job, you can pay the amount for it.

Even with a one-time payment of the fee, you should take a payment document, as it will confirm the fulfillment of obligations. If there is no way to help financially, then you should visit the bank together and talk with the manager. Many credit organizations help clients in case of delays. It can be a loan holiday, deferment or refinancing of the loan.

If the borrower has disappeared, you should visit the bank. It is important to find out about the requirements, the amount of debt. All information is supported by documents. Then you can tell the bank where to look for a borrower. It is possible to apply for debt restructuring or deferment.

If the deferment has been approved, do the following:

1. Find the borrower and hold him accountable.
2. Challenge the surety document in court.
3. Reregister property to a trustee.
4. Make it so that there is no official income.

These actions reduce property risks. It is also worth exploring all the nuances here. It should be borne in mind that all property purchased during marriage is joint. Therefore, his bank cannot take to pay the debt. It is necessary to collect documents on the timing of the purchase of valuables.

Rights of the guarantor

Exceptobligations, the guarantor has rights. On the basis of them, the person is considered to be the lender of the borrower. When repaying his debt, the guarantor can recover his costs. Therefore, all types of assistance must be documented.

If the borrower has disappeared, and he has property, then you can sue your share. This allows you to cover the costs. In addition, the presence of the borrower in this case is not required.

Conclusion

Thus, the guarantor is an important person when applying for a loan. It is important to think carefully before agreeing to conclude such a deal. After all, after this, a person acquires many responsibilities.