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Guarantors experiences with loansharks, Please Share

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  • Hamizah's Avatar
    10 posts since Apr '18
    • I have been wondering why someone would actually becoming a guarantor for someone who wants to borrow money from the loansharks. If you were once a guarantor, please enlighten me...

      1) What is the benefit that you could possibly get from becoming a guarantor? If none then why would you become one?

      2) As a guarantor, do you ask for any form of collateral from the borrowers as compensation for the high risks you are taking?

      3) After the loan is taken out, how do you make sure borrowers don't run away? Do you ask them to report you regularly to make sure they are repaying the money they borrowed? 

      Please share your experiences with me.

      Every story is very much appreciated :) 

  • Octomammoth's Avatar
    1 post since Feb '17
  • Queen of sgForums
    驚世駭俗醜不啦嘰 moderatress
    FireIce's Avatar
    265,891 posts since Dec '99
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