What documents does a guarantor need to provide?
A guarantor needs to provide the same documents as a renter: two pay stubs, two bank statements, one or two tax returns, and a letter from his or her employer.
If the guarantor owns his or her own business, a certified public accountant (CPA) must provide a letter stating the guarantor’s income.
What does a guarantor need to provide for a loan?
Being a guarantor involves helping someone else get credit, such as a loan or mortgage. Acting as a guarantor, you “guarantee” someone else’s loan or mortgage by promising to repay the debt if they can’t afford to. It’s wise to only agree to being a guarantor for someone you know well.
Do I need a guarantor?
A guarantor (usually a parent or guardian) will agree to take joint responsibility for the rent for the property if the tenant fails to. Guarantors are required to pay any rent arrears (if the tenant does not pay) and for any damages costing more than the deposit.
Why would you need a guarantor for renting?
A rent guarantor gives your future landlord the security that your rent will be paid on time and in full. A rent guarantor will also be expected to cover other costs incurred as detailed in your Tenancy Agreement, including damages costing more than the deposit or Joint and Several Liability.