Have you been asked to go Guarantor for a friend or your children and unsure exactly what it means? Let LawRep walk you through the process and provide the essential legal advice documents that the banks will require before accepting you as a Guarantor on the loan.
Guarantor Independent Legal Advice
Frequently Asked Questions (FAQ)
Financial institutions (Banks) may require a guarantor to receive independent legal advice before they formally approve a loan application. The purpose of independent legal advice is to explain the potential ramifications of a guarantor entering into a binding and enforceable agreement.
Traditionally an independent legal advice would require a formal face to face meeting to work through lots of paperwork and could take hours. At LawRep we have taken the hassle out of the advice and can deliver the advice over the phone in a very short time.
A guarantee is a promise or assurance that an individual (Guarantor) will provide security for over an asset when an agreement is entered into between a borrower and a bank.