Can a surety take a loan from a bank?

The surety is considered the guarantor of the return of credit money to the bank. Secured loans are more profitable because they have low rates and high limits. As can be seen from the statistics, most of the clients successfully pay off debt. But can a surety take a loan from a bank? This is described in the article.

When is a guarantee required?

Usually, borrowers are relatives and friends of the borrower. It is rare enough that a person warrants for a colleague or acquaintance. Before you make a deal, you should analyze the consequences in case of non-payment of the loan by the borrower.

A guarantee is usually needed in the following cases:

1. Doubts about the solvency of the borrower.
2. The critical age of the borrower is too young or old.
3. A large amount without security is provided.
4. When there is no credit history. But this problem is solved without guarantors. You should get a small loan. Automatically opens a credit history. After a successful payment, the person will be a reliable borrower.

The requirements for guarantors are usually the same as for borrowers. He should not have a bad credit history. It is important to have a steady income and official work. If the material dossier is bad, then the chances of obtaining a loan are noticeably reduced. In case of non-payment of debt by the borrower, the surety takes it upon himself. Therefore, usually only very close people fill out such obligations.

Guarantor Limitations

If the client pays the loan without delay, the bank does not bother the guarantors. This improves credit history. Can a surety take a loan from a bank? A person who is a guarantor of another's credit can apply to a financial institution for financial assistance. The limitation is a reduction in the amount due to commitments.

Problems may arise if the bank does not receive the next payment. Then he can demand from the guarantor to pay the debt. If the loan is not paid during the loan term, the financial institution goes to court. As a result, the surety is liable, as established by Art. 363 p. 1 of the Civil Code of the Russian Federation. A bank may require from it:

• main debt;
• interest and penalties;
• judicial penalties.

As a result, credit history spoils. There are almost no chances of getting loans. Can a surety take a loan from a bank in this case? He can contact a financial organization, but it is unlikely that the application will be approved. But it should be borne in mind that each bank considers the application individually.

The possibility of issuing a loan

It is impossible to accurately answer the question of whether it is possible to take a loan to the guarantor. After all, each financial institution considers the application individually. At the time of application, you need to:

1. Fill out his form, where there is a clause on the guarantee. This information should not be hidden. The bank will verify the accuracy of the data. If incorrect information is found, then there will be a failure.
2. Submit income statement. When calculating the amount, the bank takes into account the size of the loan for which the guarantee is valid, as a second loan. It should be proved that the material condition allows you to pay 2 debts. Some lenders account for only 50% of monthly income, suggesting that the second half is needed for living.

Banks also check the credit history, where there is information about personal loans and guarantees. Therefore, whether it is possible to take out a loan as a guarantor depends on several factors. If the financial situation of a person allows you to pay the debt, then, most likely, there will be approval of the application.

Reasons for refusal

Can a surety take a loan for his needs? A guarantee as a method of ensuring fulfillment of obligations is not a reason for refusing a loan. But some nuances affect the outcome of the decision. Often, banks reject applications from individuals who are guarantors. There are several reasons for this:

1. Untimely payment of debt. As a result, the credit history of the borrower and guarantor deteriorates.
2. If the loan was issued not so long ago, then the probability of rejection of the application is more likely.
3. The more debt, the less likely to get your loan.

Financial institutions take into account the credit load of the client. Issued additional loans reduce the chances of approval of the application. Is it possible for a surety to take a loan from a bank, depends on official income. It is important to document the ability to pay arrears.

How to get rid of a guarantee?

On the basis of paragraph 367 of the Civil Code of the Russian Federation, the guarantee is terminated in some cases:

1. With the transfer by the creditor of the debt to another person without the written consent of the guarantor.
2. If the bank makes changes to the contract without the official permission of the guarantor.
3. With the bankruptcy or liquidation of the institution that issued the loan.
4. Due to renewal of the guarantee for another person.
5. After the expiration of the period specified in the contract.

Since it is almost impossible to avoid liability for an unscrupulous payer, you need to think carefully before taking on such obligations. Indeed, under a completed transaction, obligations to pay the debt from the guarantor appear after the borrower has ceased to transfer funds.

Mortgage

Can a mortgage guarantor take a loan? There is no definite answer to the question, it all depends on the credit policy of the bank. The financial condition of the guarantor, the level of risks on a guarantee, the amount of possible consequences for liability are usually assessed. These factors are decisive when considering an application. Often in such cases, failures follow.

Recommendations

What should be considered before applying for a guarantee? It is necessary:

1. Make sure the financial viability and decency of the borrower. You should offer him insurance against financial risks.
2. It is necessary to add options for termination of the transaction to the surety agreement.
3. It is necessary to find out the amount of payments and calculate whether it will be possible to pay debts if necessary. It is important to evaluate the possibilities, since in case of non-payment the responsibility passes to the guarantor.
4. You should not vouch for your superiors. If they apply for a loan, then this already indicates material difficulties.

Thus, whether a guarantee can be taken out depends on various factors. Since it is permitted by law, you can try to apply. And the decision will be made by the bank.