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Cosigner Loans in the United States

When you take out a loan – any loan, be it a personal loan, auto loan, home loan, payday loan, or anything. Your credit history and score will likely get reviewed. That is to see how credible you are and how likely you are to complete your payments and if you pay on time or not.

Lenders, organizations, or banks may have different requirements compared to others – and whether the loan gets approved or not will depend on what type it is.

When the lender deems you a risky applicant, then the more likely the lender would do something to minimize that risk such as:

  • Reducing your credit limit.

  • Shorter payment terms on your loans.

  • Might ask for a collateral.

  • Asks you to get a co-signer or a guarantor.

  • Or will straight up reject your application.

What we’ll be discussing here is who and what is a function of a guarantor – and how does it differ to a co-signer and an authorized user.

We’ll start by discussing what a co-signer is.


When a lender, organization, or a bank is having second thoughts in approving your application – a co-signer might be proposed as an option for you.

Being a co-signer is a lot of risk. You must have the financial capabilities of taking over the loan when the borrower defaults. Being a co-signer means you are responsible as much as the borrower is.

And not only are you at risk financially – Your credit score is on the line as well. You share the burden with the borrower in getting your credit score affected whenever the borrower defaults.

You don’t get anything out of being a co-signer – only risk. On top of that, you are burdened with the task of tracking your borrower’s payments if your borrower is paying on time or not.


Now we’ll focus on the guarantor part and expand on it greatly.

A guarantor is much like a co-signer. Which means you are to shoulder the burden of repaying the debt when the borrower can’t pay or has missed a payment.

A guarantor may be required when a borrower doesn’t meet the requirements of the lender, or organization – getting one will improve the borrowers’ chances of getting approved or guaranteeing the approval of the loan.

Guarantors are often associated with business loans. This is to set-up the business’ success through aiding it in its growth and the funding it needs to be set-up. A guarantor is taken when the business built has yet to establish a good track records – that’s why someone from the business, preferably the president or director is used as a guarantor to guarantee the loan.

That way, even if the business goes bust – the lender still guarantees payment through the guarantor. Significantly reducing the lenders risk.

But that’s not all that a guarantor can be used for. A guarantor – just like a co-signer, can be used for any other types of loan.

The difference between a co-signer and a guarantor comes when the borrower defaults. When you’re a guarantor and the borrower defaults, you’re on your own in repaying the debt as mostly the borrower is out of the picture. The debt will be handed down to you.

So when asked to be a guarantor or a co-signer – ask yourself this.

  • Am I capable of repaying the debt whenever something goes wrong with the borrower?

  • Why does the borrower required to have a co-signer or a guarantor?

  • How likely is the borrower to repay his/her debt?

If you’re the borrower, you might wonder who you can get as a guarantor. It doesn’t matter who you get as a guarantor as long as you have separate bank accounts – and if you trust that guarantor to shoulder the debt whenever you can’t. But the risk goes both ways so you need to let the guarantor know that you are serious in repaying the debt.

In being the guarantor, you must be 21 years of age, must have a stellar credit, and good financial standing.

Will be a Guarantor Until the Debt is Paid Off?

No, you have an option to get out of the loan or the borrower to remove you from the loan once the borrower has built up enough equity.

Can You Stop Being a Guarantor?

No, you can’t. Once you’ve signed the contract, then you are obligated to stay until the term ends on the loan or as stated above, when the borrower has built enough equity that he/she has the ability to remove you as a guarantor.

Does Being a Guarantor Affect My Credit?

If the borrower is up to date with their payments, then you don’t have to worry about anything. But in case that they do, then that missed payment will reflect on your credit reports.

Now that you know the risks of being a co-signer and a guarantor, be very wary of asking someone to guarantee your loan or if you are approached to be a guarantor. Evaluate yourself – see if you are capable of handling the responsibility if things go south.

And if you don’t want to get a guarantor, then build up your credentials so in the future , you won’t need one to get a loan anymore.

Frequently Asked Questions

What Is Payday Loan?

If you need cash on the same day, payday loans is the right choice. Payday loans are unsecured loans with convenient and easy payment method. It’s a small cash loan that allows you to get the funds instantly. Repayment options can be tied to your next paycheck or if you wish to pay in advance, that works too.

What is Guarantor Loan?

For those who doesn’t have good credit, applying for a guarantor loan is recommended. Guarantor loans, as the name suggests, requires a guarantor before the loan is approved. The guarantor takes over if in case the borrower fails to meet the repayment terms.

How Fast Can I Have The Money?

Applying for a loan won’t take you hours. As a matter of fact, you can have it done in as fast as 15 minutes. All you need to do is to complete an online form and have it submitted. In just a few minutes, you’ll get the results and the money is automatically deposited to your account.

Do I Need Good Credit?

No. You are eligible to apply regardless of your credit line. Most lenders would prefer borrowers with good credit but it is not a requirement. You can apply for a payday loan and use it to slowly build your credit.

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