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Risks of Being a Loan Guarantor

As a loan guarantor, you can help a friend or family member to avail credit when he does not meet the loan eligibility criteria set by the lender. But you must remember that the borrower and the guarantor are legally liable for repayment of the loan. A lender requires the borrower to bring a third-party guarantor on board when the credit involves additional risk or borrower does not meet loan eligibility criteria.

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