In Malaysia it is fairly common for friends and family to ask each other to guarantee one and another for loans. However, little do all of you know that when a bank asks for a guarantor, it means that you’re not suitable or fit to have the loan. In simple terms, the bank doesn’t trust you.
Risks of being a guarantor
Apparently, this lady owes the bank RM2,000 a month now, on a RM796k loan. However, she guaranteed a loan of RM150k for a car. Why did it total to almost RM800k? Netizens speculated that it might be due to lawyer fees as it is a court case.
Furthermore, netizens also pressed on not being a guarantor for anyone, regardless of what they say about you. Others stated that you should buy according to your own means, if you can’t afford a Toyota, what’s stopping you from buying a Proton?
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