Be Wary of Guaranteeing a Loan

You need to be wary of guaranteeing a loan. What would you do if a friend or relative asked you to guarantee a loan? You would probably like to help them by agreeing to guarantee the loan but consider your actions carefully first and make sure you understand what it involves.

You are being asked to guarantee a loan. Think carefully before you do. If the borrower does not pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility.

You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs, which increase this amount.

The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become a part of your credit record.

Studies of certain types of lenders show that for guaranteed loans that go into default, as many as three out of four guarantors are asked to repay the loan.

If you guarantee a loan and your friend or relative misses a payment, the lender can immediately collect from you without first pursuing the borrower. In addition, the amount you owe may be increased - late charges - if the lender decides to sue to collect. If the lender wins the case, your wages and property may be taken.

Despite the risks, there may be times when you want to guarantee a loan. Your child may need a first loan, or a close friend may need help. Before you guarantee a loan, consider this information:

Be sure you can afford to pay the loan. If you're asked to pay and can't, you could be sued or your credit rating could be damaged.

Even if you're not asked to repay the debt, your liability for the loan may keep you from getting other credit because creditors will consider the guaranteed loan as one of your obligations.

Before you pledge property to secure the loan, such as your car or furniture, make sure you understand the consequences. If the borrower defaults, you could lose these items.

Ask the lender to agree, in writing, to notify you if the borrower misses a payment. That will give you time to deal with the problem or make back payments without having to repay the entire amount immediately.

Make sure you get copies of all important papers, such as the loan contract. The lender is not required to give you these papers; you may have to get copies from the borrower.

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

MORE RESOURCES:

Get loans to automakers quickly, Engler says - Detroit Free Press

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Fall not Fannie and Freddie#39;s fault - Seattle Post Intelligencer

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UPDATE: GMAC Tightens Lending To Borrowers Of Auto Loans - CNNMoney.com

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GM Likely to Seek Direct Loan From Fed - Barron's

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Local lenders are making money and loans the old-fashioned way - Minneapolis Star Tribune

Sanchez#39;s column: Don#39;t blame minorities for economic meltdown - Kansas City Star

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/5-0fd=Rurl=http://voices.kansascity.com/node/2406cid=1255326638ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNHx7-fOijESE7jdSaLnSoIkfyxpygSanchez#39;s column: Don#39;t blame minorities for economic meltdown/abrfont size=-1font color=#6f6f6fKansas City Star,nbsp;MOnbsp;-/font nobr13 hours ago/nobr/fontbrfont size=-1Those people who never should have qualified for home bloans/b in the first place. The uncredit-worthy defaulters of all those nasty subprime bloans/b that caused b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/5-1fd=Rurl=http://www.chron.com/disp/story.mpl/business/buggs/6052705.htmlcid=1255326638ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNEyEoGrzfysobJf-g5pjOSNv70J4gCrisis has nothing to do with Reinvestment Act/a font size=-1 color=#6f6f6fnobrHouston Chronicle/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/5-2fd=Rurl=http://www.talkingpointsmemo.com/talk/blogs/kgoff74/2008/10/why-republicans-want-to-blame.phpcid=1255326638ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNHSq5ztM6r3_9GQVUs5vQ96zQzoBQWhy Republicans Want To Blame Fannie, Freddie and Community b.../b/a font size=-1 color=#6f6f6fnobrTPM/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/5-3fd=Rurl=http://www.indystar.com/apps/pbcs.dll/article%3FAID%3D/20081011/OPINION01/810110392/1002/OPINIONcid=1255326638ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNFlF9X3JpZJzhXfy7DZJT3E-Qhy9AbLoans/b to low-income led to current crisis/a font size=-1 color=#6f6f6fnobrIndianapolis Star/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/5-4fd=Rurl=http://www.powerlineblog.com/archives2/2008/10/021764.phpcid=1255326638ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNF-MtRBjvdkReqFfo8pN3XhAONlwAnobrPower Line/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/5-5fd=Rurl=http://www.newwest.net/topic/article/breaking_financial_crisis_not_the_fault_of_the_people_in_charge_of_everythi/C564/L564/cid=1255326638ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNElrV-gW9XBvxCucRigsAwUGgy7ywnobrNew West/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1255326638hl=ennobrall 58 news articles/nobr/a/font/div/font/td/tr/table

Mercantile Bank Corporation Announces 2008 Third Quarter Results - MarketWatch

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/6-0fd=Rurl=http://www.marketwatch.com/news/story/mercantile-bank-corporation-announces-2008/story.aspx%3Fguid%3D%257BFFB39969-A595-466B-A72E-1C4276381E09%257D%26dist%3Dhpprcid=1257254212ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNF-LunBE8kCdCqcPDIkfMiZIF-HEwMercantile Bank Corporation Announces 2008 Third Quarter Results/abrfont size=-1font color=#6f6f6fMarketWatchnbsp;-/font nobr35 minutes ago/nobr/fontbrfont size=-1The early identification of problem bloans/b has provided us the opportunity to closely work with our distressed borrowers, and during the third quarter we saw b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-1fd=Rurl=http://www.earthtimes.org/articles/show/ameriserv-financial-reports-increased-earnings,576214.shtmlcid=1257254212ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNFjaCojKRLXBgUWA4-yp003R4nb5AAmeriServ Financial Reports Increased Earnings for the Third b.../b/a font size=-1 color=#6f6f6fnobrEarthtimes (press release)/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-2fd=Rurl=http://www.marketwatch.com/news/story/townebank-reports-third-quarter-2008/story.aspx%3Fguid%3D%257BC096EF4E-05E5-482D-A354-CCEFABDC7953%257D%26dist%3Dhpprcid=1257254212ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNE292sZFuWa-XU2UWl5GLXKkCI0bwTowneBank Reports Third Quarter 2008 Financial Results and b.../b/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-3fd=Rurl=http://www.marketwatch.com/news/story/sovereign-bancorp-inc-pre-announces-third/story.aspx%3Fguid%3D%257B4D2CF47D-63FC-409B-9DE7-DB384F314772%257D%26dist%3Dhpprcid=1257254212ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNG-znN7xsjIwtTqDZxGNs5ytU13QgSovereign Bancorp, Inc. Pre-Announces Third Quarter 2008 Results/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1257254212hl=ennobrall 27 news articles/nobr/a/font/div/font/td/tr/table

Icelanders Sink Under Foreign-Currency Loans as Krona Plunges - Bloomberg

International Groups Offer Latin America More Loans - Wall Street Journal

Draft: Europe would guarantee inter-bank loans - The Associated Press

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/9i-0fd=Rurl=http://www.bradenton.com/666/gallery/951378.htmlcid=1257582708ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNH47_l-BjnLoK33eYIJHXK3rZSXNgimg src=http://news.google.com/news?imgefp=hSwguWE7DOgJimgurl=media.bradenton.com/smedia/2008/10/13/17/Britain_Bank_Bailout.sff.standalone.prod_affiliate.69.jpg width=80 height=40 alt= border=1brfont size=-2Bradenton Herald/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/9-0fd=Rurl=http://ap.google.com/article/ALeqM5j4KYcCshLfvbnEu07okTEOOmJSrQD93P2TCG0cid=1257582708ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNFy_G8QN_cDW6ZKz7Vco3CmlFeeSQDraft: Europe would guarantee inter-bank bloans/b/abrfont size=-1font color=#6f6f6fThe Associated Pressnbsp;-/font nobrOct 12, 2008/nobr/fontbrfont size=-1PARIS (AP) — A draft declaration by euro-zone leaders says their governments plan to temporarily guarantee future bloans/b among private banks to unlock frozen b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-1fd=Rurl=http://capital.trend.az/%3Fshow%3Dnews%26newsid%3D1317811%26catid%3D583%26subcatid%3D540%26lang%3DENcid=1257582708ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNEjID_BuJLxWMy4sS7n-zzrEDNurwEuro-zone governments to guarantee interbank bloans/b/a font size=-1 color=#6f6f6fnobrTREND Information/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-2fd=Rurl=http://www.marketwatch.com/news/story/europe-rallies-governments-coordinate-plans/story.aspx%3Fguid%3D%257BE476698C-AEAA-4A5D-AB8D-1FD3653304C8%257D%26dist%3Dmsr_22cid=1257582708ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNHiiuP1cQkB0Ub0MP6S37kQgtpDrQEUROPE MARKETS Europe rallies as governments coordinate plans/a font size=-1 color=#6f6f6fnobrMarketWatch/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/9-3fd=Rurl=http://www.indianexpress.com/news/To-ease-credit-crunch--Europe-to-guarantee-bank-debt/372605cid=1257582708ei=aHj0SP_aMZaO9QTo3YGdDQusg=AFQjCNHiaYihsawpfd1QLs2jKqbxVdsN0gTo ease credit crunch, Europe to guarantee bank debt/a font size=-1 color=#6f6f6fnobrIndian Express/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1257582708hl=ennobrall 166 news articles/nobr/a/font/div/font/td/tr/table

Loans - Google News

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