Be sure to mail the documents. The creditor or landlord will need to see the notarized stamp in person. If you send a copy, they will likely ask for the original. If you are guaranteeing a loan, the financial institution you are making the agreement with will likely have a notary available. If it is an auto loan, many car dealerships have a notary on staff.
If you are a guarantor for a loan, request a copy of the loan agreement. If you are a guarantor for a lease, ask for a copy of the lease. Many landlords choose to have a cosign agreement on the lease instead of a separate guarantor form.
You should ask them to send you a tax return, a pay stub, or their credit score. These things will help you get a better understanding of their finances. Never become a guarantor for someone you do not know.
You may also want to contact the entity the person is making the agreement with.
Ask the person you are becoming a guarantor for to forward any relevant contact information.
Additionally, you can list terms regarding what parts of the loan you are limited to. Be sure to include this information into the contract with the lender, as well.
Because you have a better credit score, the lender or landlord may sue you first because you will be more likely to pay. You may also be charged for any court or attorney fees as well as late charges.
If you would not be willing to loan this person money, you should not become a guarantor for them.
If you feel comfortable with it, you might offer to let the person stay with you instead of guaranteeing their lease You might also offer to help them find a loan with a more accommodating interest rate.
