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We’ll explain what it means to be a guarantor and what you are committing to when you offer your guarantee.

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A guarantor is a person or entity that offers to guarantee repayment of a loan if the borrower becomes unable to pay off the debt. A guarantor is, therefore, one of the most common figures involved when a bank loans large amounts of money to an individual or business.

When granting a mortgage loan for a significant amount of money, the institution offering the financing wants every possible guarantee that it will be able to recover its money, along with the interest agreed upon in advance. This means that when a mortgage is granted, the person acting as guarantor for the borrower must demonstrate the same economic and material solvency as the party that will receive the money, and will also be taking on an obligation to repay it.

What are you committing to as a guarantor

What are you committing to as a guarantor

As a guarantor, if the loan’s borrower fails to make the agreed-upon payments, all of your own present and future assets can be used as a way to pay back the outstanding debt. However, before this situation occurs there is first a required process to demonstrate that the loan borrower lacks the ability to pay, whether by using his or her own salary or income or by forfeiting other assets. At this point, the guarantor must take over payment of the monthly installments for the loan, along with any penalty interest that may have been generated by the borrower’s delays.

This also means that in the event of non-payment, the same payment obligations and legal consequences will fall upon the guarantor, and it is even possible that the guarantor’s own income or assets could be confiscated and used as a form of repayment. However, it is worth clarifying that this is an extreme result that occurs very infrequently.

Furthermore, there are different ways to guarantee a loan, some of which only make the guarantor responsible for partial repayment; this means that in a case where the guarantor becomes liable for repayment, the amount of money owed will be limited, rather than being the full amount of the debt.

In addition to the liability for repayment, the guarantor must remember that even though he or she is not the original borrower, the loan information entered into the Banco de España’s Risk Information Center (CIRBE) will include the name of the guarantor. This is a database that records the various loans, credit facilities, and guarantees that credit institutions maintain with their customers. It is important not to confuse the CIRBE with the default lists, which are something completely different. Appearing in this database as a guarantor will reduce your own ability to obtain loans or credit since it is known that you already have a potential liability to confront in relation to the payment of another debt.

Who can be a guarantor

Who can be a guarantor

In brief, any guarantor for a bank loan will be required to have the same repayment capacity as person borrowing the money. This brings with it a series of requirements that we will review here:

  • Have a stable income in a sufficient amount: this may be a salary, a pension, or any other source of income, and the guarantor must demonstrate the capacity to handle the monthly installment payments for the loan in case this becomes necessary.
  • Little or no outstanding debt: in order for the bank to accept a guarantor being proposed by the borrower, the guarantor should not have any outstanding debt in the form of his or her own loans or mortgages.
  • Sufficient equity and assets: One of the most common requirements for acting as a guarantor is possession of unencumbered real estate assets, or in other words, properties that are fully paid off. This offers an additional guarantee because if all else fails the guarantor will be able to use his or her own assets to repay the debt.
  • Finally, and for obvious reasons, a guarantor must be an adult.

As a final point, it is worth emphasizing that being accepted as a guarantor for any loan is a very important step that will link together the guarantor, the borrower, and the bank for years over the entire life of the loan, with all of the potential repercussions that have been described here. This means that the guarantor must also be very clear on the terms and conditions of the loan and whether or not he or she is prepared to take these on if it becomes necessary.

Buying a Christmas tree has never been so easy

Buying a Christmas tree has never been so easy

Buying a Christmas tree has never been so easy

If you are interested in getting financing to decorate your home, discover on this page the best credits that will allow you to buy a Christmas tree , lights, Bethlehem, etc. at the best price, even without additional costs.

What is the price that we will have to pay to buy a Christmas tree?

What is the price that we will have to pay to buy a Christmas tree?

It is difficult to establish an average price when we talk about Christmas trees, since there are a lot of typologies. In addition, depending on the autonomous community, the city or town where we are residing, the prices will vary greatly.

For this reason, we decided to base ourselves on the prices we have found on the Internet and it seems that we can buy a Christmas tree for amounts of between 30 and 200 euros, although if we do a deep search, we will probably find some more expensive and others cheaper .

Credit cards to buy a Christmas tree

Credit cards to buy a Christmas tree

Taking into account that we can buy a Christmas tree for less than 100 euros, credit cards can be very useful to do so. This is because they allow us to get certain amounts of money on credit and offer us two options to repay it.

In the first place, by means of the total payment we will be able to have the amount that we select and reimburse it at the beginning of the following month without any additional cost. That is, we will only return the borrowed capital. However, it is important that we are clear that the refund must be total, that is, we will have to return all the money that has been granted in a single payment. Secondly, we have the option of repaying the money on credit through the fractioned payment method , that is, in different monthly installments with certain interest applied that can be useful if the price of the tree is high and we prefer to return the capital in Several months.

In addition to this, the vast majority of credit cards include discounts, rebates and promotions in different establishments and products. This implies that if we have a discount card in a shop that sells Christmas trees, we can take advantage of it and pay less.

In the event that we do not have a credit card and need small amounts to finance ourselves and be able to buy a Christmas tree, we have at our disposal several private equity lenders that will allow us to get up to 300 euros without any additional cost . That is, if we ask 150 euros, we will only have to return that amount.

However, we must bear in mind that to access these offers, we will need to comply with certain requirements established by the company. The most common are that we return the money on a specific date that the lender establishes, that we are new clients, etc.

What kind of trees are used at Christmas?

What kind of trees are used at Christmas?

When Christmas arrives and we decided to buy a tree, we can choose from a myriad of options. However, we have decided to group them into two large groups. On the one hand, the natural Christmas trees and, on the other, the plastic ones .

If we look at it from the economic side, we probably think that a plastic one is more beneficial to us, since it can last us a lifetime. However, there are certain factors of natural trees that can be heavier and more beneficial, although we stick a higher amount:

  • If buying a natural Christmas tree, it is important that we make sure to do it with the roots included. This is because, in this way, we make sure that it comes from a nursery and that, once Christmas is over, we can replant it .
  • With natural trees, during their growth, we will get oxygen and remove CO2 from the atmosphere . On the other side, the only plastic they have generated is contamination in their production process and how many more we buy, more will contaminate.
  • By buying a natural Christmas tree, we encourage the generation and promotion of “green” employment .
  • In the event that our Christmas tree dies, it will become a natural waste that will not contaminate. On the contrary, they will become biomass.

These are the main reasons why it is more advisable to buy a Christmas tree that is natural, as opposed to an artificial one. Also, if we take care of it and care about its condition, we will be able to reuse it the following year.

Expenses added when buying a Christmas tree

Expenses added when buying a Christmas tree

Once we have explained the types of trees we can buy, the characteristics of these and the approximate price that we will pay for them, it is interesting to know what additional costs we will have to assume when acquiring it:

  • Decorative lights : if we buy a Christmas tree, we are probably interested in decorating it with lights, since it is one of the most common complements of these items.
  • The star : secondly, we will have to look for a prop star that we will place in the upper part of the tree.
  • Spheres or dolls : finally, another complement that we will add will be the spheres or dolls that we will place around the tree.

All these additional products can be found in a large number of shops and at an affordable price. However, we must bear in mind that they will increase the price of the tree.