To obtain a loan, borrowers often need to invite a guarantor. Often this happens if your income is not enough to get a loan. In addition, this reduces the risk of non-refund to the bank. Who can be the guarantor is described in the article.
The concept
A surety is a citizen or an organization of a different form of ownership, which is responsible for the timely fulfillment of obligations by the borrower. The subtleties of cooperation between the parties are indicated in a special agreement, which begins to act immediately after signing. To obtain a loan, the borrower needs 2-3 guarantors. A document is signed with each of them. Each guarantor is considered responsible to the creditor.
According to the norms of the law (Article 36 of the Civil Code of the Russian Federation), guarantors cannot apply for funds issued by the borrower, as well as for property purchased thanks to this money. But in case of late payment or refusal to pay a loan, this particular person becomes responsible for it. Each bank has rules for who can be the guarantor.
Requirements
Who can be the guarantor? Requirements vary by bank and loan program. Usually it is important to comply with the following nuances:
- Age - not less than 18 years and not more than 65 years.
- Citizenship of the Russian Federation.
- The presence of a regular income of 6 months.
- Positive credit history.
These are the basic requirements for who can be the 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 their consent only to them.
It is unlikely that they can accept a guarantor with a bad credit history. Requirements must be found in a banking institution where you want to get a loan. Although they may differ, the responsibilities remain the same. This area is regulated by the Civil Code of the Russian Federation. You must first 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 provided.
Responsibility and Risks
The loan guarantor has a liability, which can be of 2 types. The first is considered joint. With her, the obligations are equal for the guarantor and the borrower. Then the bank has the opportunity to present sanctions to the guarantor at the first delay in payments. The second type of liability is considered subsidiary, which occurs when it is impossible to fulfill obligations. This must be confirmed by the court. Typically, contracts indicate joint liability.
Therefore, if the borrower violates the terms of the contract, the bank may require the guarantors to perform the following actions:
- repayment of a debt;
- interest repayment;
- payment of fines and penalties;
- payment of legal costs.
Debt repayment can be carried out using cash or cashless funds, as well as through property. Real estate is considered inviolable if it is recognized as the only housing and purchased by it in a mortgage. Otherwise, the bank’s rights are unlimited: it can seize property, accounts, and also oblige to pay debt from salaries.
The responsibility of the guarantor of 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 latter cannot be disturbed by the bank until they enter into the inheritance. This confirms that the guarantee is considered a risky step. It is easier to get a loan without guarantors, since not everyone agrees to such a deal.
Nuances
In addition to material risks, the guarantor receives a negative credit history if the borrower is dishonest. After all, delays will be taken into account on both sides. Even if your debts are paid in full, a guarantee can complicate the situation. These are not all the nuances.
Even if the borrower pays the loan in good faith, the surety may encounter problems in obtaining a loan. As long as that agreement is in effect, the limit will be taken into account on its basis. If necessary, you can get rid of the status of the guarantor, but for this you need the permission of the borrower and lender.
Validity
How long are the obligations of the loan guarantor? This is established by the contract or the Civil Code of the Russian Federation. Typically, a document has a clear deadline. As a rule, it 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:
- If the document does not have a deadline, the guarantee ends if there are no claims from the credit institution to the guarantor within a year from the date of payment.
- If there is no payment deadline in the contract, the obligations end after 2 years, if no claims have been received from the bank during this time.
- If the bank has changed the conditions without notifying the guarantor and its written permission, then the guarantee ends automatically.
- When an organization is considered a borrower, but it is liquidated, the guarantee ends.
The limitation period is 3 years. Responsibilities are completed when changing the borrower. This happens for a variety of reasons. But usually this 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.
Guarantee mitigation
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 a complaint? You should contact the borrower and find out his financial situation. If the delay in payment is associated with 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 for it.
Even with a one-time payment of the contribution, you should take a payment document, as it will confirm the fulfillment of obligations. If financial support is not possible, then you should visit the bank together and talk with the manager. Many credit organizations help clients in case of delays. This can be a loan vacation, a deferral or refinancing of a loan.
If the borrower has disappeared, then you should visit the bank. It is important to learn about the requirements, the amount of debt. All information is confirmed by documents. Then you can tell the bank where to look for a borrower. It is possible to apply for debt restructuring or deferral.
If the deferral has been approved, you must do the following:
- Find the borrower and hold him accountable.
- To challenge a guarantee document in court.
- Renew property to a trustee.
- Make sure that there is no official income.
These actions reduce property risks. It is also worth exploring all the nuances. It should be borne in mind that all property purchased in a marriage is joint. Therefore, his bank can not take to pay the debt. It is necessary to collect documents on the terms of the purchase of values.
Guarantor Rights
In addition to obligations, the guarantor has rights. Based on them, a person is considered as if the lender of the borrower. When repaying his debt, the surety 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 costs. In addition, the presence of the borrower in this matter is not necessary.
Conclusion
Thus, the guarantor is an important person in obtaining a loan. It is important to think carefully before agreeing to conclude such a deal. After all, after this, a person acquires many responsibilities.