A guarantor is a an individual who promises to pay a borrower's debt in the event that the borrower defaults on their loan obligation. Guarantors pledge their own assets, and in our case, main savings, as collateral against the loans once they sign on a borrower's loan application document.
A loan guarantor should be a member of the SACCO who actively contributes and has not defaulted in any of their own loans.
In the event a guarantor wishes to withdraw from guaranteeing a borrower's loan before the loan matures, he/she is required to request the borrower to replace them with another member, as a guarantor. A form attached, shall be completed.
A borrower is encouraged to pay dues appropriately to keep a good credit score and avoid putting their guarantor's savings at risk
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