Many people are unable to borrow from banks because a credit score says they can’t be trusted. But at LendingMate, we base our loans on friendship and trust instead of credit scores. If you have a friend who trusts you and is willing to be your guarantor, then we will trust you too.
People guarantee loans for their friends because they know they are trustworthy and that borrowing money is a good idea for them. It’s basic, old fashioned common sense.
A guarantor's responsibility is to make loan payments if you do not. This is why we run through a suitability assessment with them, too; we want to make sure that they would be able to take on this sort of commitment.