I have been asked by someone to act as a guarantor on their Bamboo guarantor loan, what does this mean?
This means someone you know has applied for a loan with Bamboo and they need a suitable guarantor to support their application. We require a guarantor so that if the borrower is unable to make any payments at any time, the guarantor will do so.
Before you e-sign a Bamboo guarantor loan agreement you should make sure that:
You receive a copy of the loan agreement that your friend, partner, relative or colleague is taking out
You can see exactly what obligations they have as a borrower because you will be guaranteeing all those obligations
You read the guarantor agreement fully and have a clear understanding of what these documents say and what you are guaranteeing
- the loan amount
- the loan term
- and how much are the monthly repayments
Once you are comfortable with the terms of the loan and are happy to proceed, you are ready to e-sign your Bamboo 'Guarantee & Indemnity' agreement.