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What is the difference between a guarantor and a co-applicant?

April 26, 2017co-Applicant difference guarantor

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What is the difference between a guarantor and a co-applicant?

1 Answer

4

Posted

Both the guarantor and the co-applicant is responsible for the loan taken from the bank. A co-applicant has to repay his or her share of the loan to the bank. On the other hand the guarantor agrees to repay the loan on behalf of the loan applicant if he defaults on the payment. F.