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They are sometimes called a co-signer because they sign the lease too. A guarantor is often a parent, family member, or close friend. A landlord can ask for a guarantor if you have bad references, a bad credit history, or a history of not paying your rent.
Having a co-applicant can make an application more attractive since it involves additional sources of income, credit, or assets. A co-applicant has more rights and responsibilities than a co-signer or guarantor.
Another important distinction to remember is that a co-borrower is primarily liable for the debt from its inception. In contrast, a guarantor is not liable unless the underlying borrower defaults and, depending on the terms of the guaranty, the lender pursues collection efforts against the borrower.
Being a co-signer itself does not affect your credit score. Your score may, however, be negatively affected if the main account holder misses payments.
Typically, a landlord will provide the tenant with a guarantor application form to collect their details in order to run any necessary referencing checks on the guarantor in order to accept them.

People also ask

Almost anyone can be a guarantor. Its often a parent or spouse (as long as you have separate bank accounts), but sometimes a friend or relative. However, you should only be a guarantor for someone you trust and are willing and able to cover the repayments for.
In a personal guarantee, the guarantor (usually the business owner) agrees to be responsible for the lease payments owed by the business under the terms of a commercial lease if the business fails to pay rent or fails to pay rent after vacating the leased space before the end of the lease term.
Cosigners have equal responsibility for payment of monthly rental costs, while a guarantor is generally sought for payment only when the property occupant is unable to make the rental payment.
What is a personal guarantee? A personal guarantee is a contract between a tenant and a landlord in which the tenant agrees to be personally responsible for the payment of rent if the business fails. This means that if the business is unable to pay rent, the landlord can come after the tenant for the money.
The most important difference between a co-borrower and a co-signer is the degree of investment in the loan. A co-borrower has more responsibility (and ownership) than a co-signer because a co-borrowers name is on the loan, and they are expected to make payments.

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