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You can usually be a guarantor if: You are over 21 years old. You have a good credit history. You have a separate bank account to the borrower.
For example, in a rental agreement, a co-signer would be responsible for the rent from day one, whereas a guarantor would only be responsible for the rent if the renter fails to make a payment. This also applies to any loan. Guarantors are only notified when the borrower defaults, not for any payment before that.
If you are asked to be a guarantor: Check the terms and conditions. Get independent legal advice, such as from a Community Law Centre. Make sure the lender does an affordability test on you, as well as on the borrower. Avoid using assets worth more than the amount owed as security, such as your home or car.
A guarantor is a person who guarantees your identity. This person must have known you for at least 2 years and well enough to confirm the information in your application is true.
Guarantors usually need to provide proof of income (pay stubs, tax returns), a current credit report, identification (drivers license or passport), and sometimes references. These documents verify their ability to fulfill the lease obligations if necessary.

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A guarantor is an individual that agrees to pay a borrowers debt if the borrower defaults on their obligation. A guarantor is not a primary party to the agreement but is considered to be an additional comfort for a lender. A guarantor will have a strong credit score and earn sufficient income to meet the obligation.
However, you should only be a guarantor for someone you trust and are willing and able to cover the repayments for. To be a guarantor youll need to be over 21 years old, with a good credit history and financial stability. If youre a homeowner, this will add credibility to the application.
Declaration from a Guarantor. Description. An Ontario Photo Card (OPC) or drivers licence applicant must provide an identity document to prove signature. If the applicant does not have a proof of signature document, the Declaration from a Guarantor form will allow a guarantor to vouche for the applicants signature.

guarantor meaning