guarantor

A guarantor is someone who agrees to take responsibility for another person's debt or financial obligation if that person cannot pay. Essentially, it’s a backup plan ensuring the lender or service provider gets paid. The guarantor signs a legal agreement, promising to settle the debt if the primary borrower defaults. This arrangement provides the lender with added security, often helping the borrower qualify for loans or rental agreements they might not otherwise access on their own. Guarantors should fully understand their commitment, as they could be legally required to pay the debt if necessary.