You will need
  • - analysis of all the risks to which you will go, becoming a guarantor.
Collect information on the creditworthiness credit of the person for whom you will vouch for. Consider such traits as discipline, commitment and thoroughness. Check to see if he would take credits and how to return them. Ask whether he needs the loan and how he plans to use it. If at this stage you have any doubts, immediately discard the surety.
Determine whether you will be able, if necessary, to pay the loan for the borrower. If such payments are excessive or you are bonded, reject a request of sponsorship.
Think about if you will need in the near future to take out a Bank loan. The Bank when considering granting you a loan will take into account the fact that you are a guarantor, and with high probability will refuse. Directly and clearly explain to the borrower the reason for the refusal of bail. Do not think that you can spoil friendly relations with him.
Discard the loan payments under the guarantee agreement if the Bank has not informed you about significant changes in the contract, which have for you an increase in responsibility or other adverse consequences. In this case, the Bank was supposed to bring with you written consent to such changes.