Guarantying towards loan ... Help me plz.
A Close friend of mine / office collegue asking to sign up as a guarantator towards his loan.
He assures a cheque as a guarantee for me to be on the safe side. What you guys suggest me on this? Is it advisable to do.
Plz. genuine replies only. I'm Confused and need to make a firm decision now.
FYI. I already owe a loan with the same bank where he's acquiring a loan.
say NO!!!! coz if something bad happen, you'll be in big trouble...
A check is no good if he's no longer in the country and/or has no funds in his account to cover it.
Tell your friend to start saving for whatever it is he feels he needs.
How to make sure that a person or a friend won't cheat us? Allah kareem :(
No friends in money matters. Don't ever do it.
Check is not just a kind of paper, this brings anyone to court too. If you can and have the way, why not help, but if there are more things you can hold on, is better...gudluck!
"There's nothing we can do to change the past, if it teaches you a lesson profit from it then, forget it.
There is no use of crying over spelt milk"
i've changed my mind, i want a loan now. can you guarantee mine?
Do it, if you are prepared to loose the money.
He should put up collateral or get a family member, but only if he has to. Better he should not take the loan if he can't get it without a guarantor.
I didn't drink the kool-aid! -- PM
Then whom should a friend ask to?
To his friends only right?
A real friend wouldn't ask you to take the risk.
I didn't drink the kool-aid! -- PM
don't do it!
you're liable for the full amount.
I don't think there is a a problem becoming a guarantor unless he is not a bad friend.
Greeker, Then what is the meaning of this 'friendship' or 'relationship'?Money is not life.Just think of a situation when you are in his shoes?
But make sure he won't cheat you.
Never bring money into friendship. Or better, never bring promise of money (even if it is as a guarantor) into a friendship. Will save both of you a lot of burning later.
Stay away, that would be my suggestion. Your friend may initially feel you let him down. But if the friendship is strong enough, he'll quickly see you did the right thing. Or else, just think that he wasn't meant to be a friend.
I'd have done that If i were in your place. Just my two penny for your thoughts.
Thanks a lot guys for the comments.
Hehe, it's just me and my criminal mind...
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"if you don't like the heat... get out of the kitchen... but stop trying to fan the flames before you leave... it will burn you on the a** as you go through the doorway...." ME
visit www.qaws.org
Nope, no, no way, never!
Mandi
Don't ever think of it. He might be your friend now, but as Xena and Diamond say's he might leave and never come back and you are stuck. DO NOT DO IT !!!!!!
Xena is right...also if he commits a crime and ends up in jail the loan repayment will be automatically deducted from your salary.
I've heard of people burned by being guarators.
It's not worth the risk.
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happens if he leaves the country and doesn't come back? You will be responsible for paying back the entire loan. No friendship is worth this.
"if you don't like the heat... get out of the kitchen... but stop trying to fan the flames before you leave... it will burn you on the a** as you go through the doorway...." ME
visit www.qaws.org