When applying for a loan or a mortgage, banks and credit institutions often demand the presence of a guarantor as a further guarantee to protect the repayment.
But who is the guarantor? A natural person who undertakes to guarantee the repayment of a loan or mortgage in the event that the person who stipulated it does not settle the monthly installments. He is therefore obliged to intervene in the refund.
Anyone with real estate assets or sufficient income to guarantee loan repayments to credit institutions can act as guarantor.
What the guarantor risks
If the debtor who entered into the loan does not repay the monthly installments, the guarantor is obliged to intervene by repaying the loan. If, in turn, it does not settle the debt, it risks the foreclosure of the assets and the reporting to databases such as the Crif, thus compromising its ability to be able to obtain new loans in the future.
Loans without guarantor
Fortunately, not all loans need a guarantor in the event that the assets of the loan applicant are not considered sufficient as collateral for the repayment.
Loans without need of a guarantor, easily obtainable and with reduced rates are:
- The assignment of the fifth of the salary. Salary and severance indemnity are already a guarantee for credit institutions;
- The assignment of the fifth of the pension. The pension is already a guarantee, moreover it is the social security itself to withhold the monthly installment from the pension;
- The loan with delegation, also called double of the fifth. Again, such as the assignment of a fifth of the salary, the salary and the employee’s severance indemnity act as a guarantee.
Do you need a loan? Request your free online quote now and find out how to obtain a transfer of the fifth without the need for a guarantor, with subsidized rates and in an easy, fast and free way!