Loans with guarantor are a form of subsidized financing, aimed especially at those who cannot demonstrate consolidated income to the bank.
When a financial institution is preparing to provide a loan, in fact, one of the first actions it performs is the control over the economic solidity of the applicant. For this reason, the loan request must always be accompanied by documents certifying your financial situation: usually, the last pay packet is required, which shows a constant revenue stream, and the unique 730 model, which instead certifies the status general of our finances. For this reason, it is easier for an employee to access a loan than a freelancer or who can only enjoy occasional jobs.
The help from a guarantor can facilitate access to credit even those who do not present a pay slip to the bank. This figure supports the debtor and, if the latter fails to pay the installments, intervenes, replacing it. If the guarantor can demonstrate a satisfactory income for the bank’s needs, this can certainly help the first applicant to obtain more favorable terms. But we must remember that a mere guarantor might not be enough to get the loan, but other guarantees could be required.
Despite its usefulness, it is necessary to carefully describe the functions required of the guarantor and the risks he takes on by accepting this role. First of all, the guarantor’s intervention must only be extraordinary: his support is required if the debtor is unable to pay an installment, thus starting the bank’s request to the guarantor. However, the guarantor should not be expected to completely replace the debtor: indeed, in a normal situation, the guarantor should not even be called to actively participate in the repayment of the loan.
Are there risks to the guarantor ? If the debtor does not pay, the guarantor is in any case obliged to replace it. If he did not do so, he would risk being himself reported to the Central Risks as a bad payer , thus jeopardizing his chances of obtaining a loan in the future. For this reason, if you agree to participate in loans with guarantor, it is important to be constantly informed about the status of the repayment and the repayment plan, so as to avoid unpleasant surprises. Finally, if you are a guarantor of a loan, this in any case affects your economic capacity: this means that if a loan is required, the mere fact of covering this role could push the bank to ask for more information on your economic situation.