When asking for personal loans, is it better to do it with or without a guarantor? This is one of the most widespread questions in this area, as many people do not have a clear understanding of the role of the guarantor as regards the provision of personal loans. First of all it must be said that a guarantor is not always necessary (in many cases there is no need for this, which in fact is a further guarantee).
It must also be said, but we will see it in more detail later, that not everyone can act as guarantor. The purpose of this article is to clarify this topic once and for all. Let’s see in detail everything you need to know about personal loans and the figure of the guarantor.
When does the guarantor serve?
First we try to understand when it is really necessary to have a guarantor. As we all know, getting a personal loan is not a simple thing at this time. Banks and financial institutions demand precise income guarantees without which it is impossible to access credit.
Even if the guidelines are different according to the credit institution, we can say that the basic rule imposes a ratio of income to income of 20% . This means that with a monthly income of 1000 euros you can not access a loan with an installment of more than 200 euros. This, in part, may be a limitation, but, of course, it is a rule designed to limit people’s debt exposure.
To overcome this obstacle one can resort to a guarantor . Another context in which it is fundamental to have recourse to the guarantor for access to a personal loan is that relating to the lack of sufficient guarantees. It is the case of a precarious worker, that is, without a permanent employment contract, or even if they are reported as bad payers.
In this case too, the signature of a guarantor is fundamental for obtaining the financing required by circumventing the problem of claims in crif or protests in progress. Finally, another example is that relating to personal loans for pensioners . When the applicant is of an age close to the limit granted, the credit institution may request the signature of a guarantor as an additional insurance against the payment of the entire loan.
Can everyone be the guarantor for a loan?
Another question that many ask is: can everyone be the guarantor? The answer to this question is no. To be able to act as a guarantor a person must necessarily have certain basic requirements that we have summarized below:
- income : a guarantor must have sufficient income to support any payment of an installment of the personal loan. Basically it takes an income from employment, with a permanent contract, an income from self-employment or a retirement pension. All this without forgetting that the guarantor’s income must be related to the amount of the loan and the monthly payment.
- loans in progress : those who act as guarantors should not have other personal loans or mortgages in progress as they significantly reduce the possibility of acting as guarantor.
- historical debtor : it is very important that the guarantor has no reports in crif or that he has not been protested. In this case, in fact, the bank will refuse the loan application in 99% of cases.
These are, in short, the main requirements that should have a person who wants to act as guarantor for a personal loan.
The guarantor in online funding
Today it is possible to request financing directly online with a great saving of time (avoiding files in the branch) and money (often banks and financial institutions apply cheaper rates to those who choose a loan on the web). Even when you need a guarantor you can apply for personal loans online.
It will be sufficient to send also the documentation related to the guarantor and, in principle, there should be no problem (except for other problems detected in the control phase by the credit institution to which it is addressed).
Who is the guarantor?
Before concluding, we feel obliged to investigate the aspect relating to the figure of the guarantor. It often happens, in fact, to find themselves faced with requests that can put in difficulty. Do the guarantor always be convenient? When is it right to say no to those who ask us to act as guarantor for a loan?
In principle, you should only accept requests from people you trust, of which you are sure. The risk, as we have said, is that in the event of failure to pay the installments, the guarantor has to face them. So if you know that the request has come from a person who is not serious or, however, inclined and not pay their debts with the banks or financial know that you risk having to take charge of this slope.