Guarantors

A guarantor is an individual or entity that agrees to assume responsibility for another person's debt or obligation if that person fails to meet their commitments. Essentially, the guarantor provides a guarantee to the lender or creditor that the debt will be paid, adding an extra layer of security. This often happens in situations like loans or rental agreements, where the guarantor's promise helps the primary borrower qualify or secure better terms. The guarantor's liability is typically activated only if the primary party defaults on their agreement.