A guarantor can really be anyone who is willing to guarantee your lease. A guarantor is a party that answers for you. They sign and accept the terms set out in the lease agreement by the landlord, including monthly rent payments. Please note that a guarantor may be a member of your family, friends or, in some cases, an external guarantor.
Legally, a guarantor must be able to cover the rent for the entire unit. However, if you live with roommates, some landlords may accept multiple guarantors to cover each tenant. This agreement is common for students who rent an apartment. Each person can have a different guarantor, since they are not related.
Almost anyone can be a guarantor of a loan, such as a partner, friend or relative, as long as they are over 21 years old and have a good credit history. But being a guarantor of a loan is an important decision. Before you agree to take on this role, you should know exactly what you will be asked to do.
