Risk:
Guaranteed loans to others need to bear the following risks:
The guarantor may be accused of:
If the borrower defaults, the bank or finance company will sue the guarantor.
The guarantor may be declared bankrupt;
If the debt exceeds 30,000 yuan, the guarantor may be declared bankrupt.
Multiple guarantors are unsafe:
Debt is not necessarily borne equally by multiple guarantors. Banks also don't have to choose to collect debts from richer guarantors. Lenders have the right to choose to collect debts from all or one of the guarantors.
Death does not mean exemption from warranty;
In joint and several guarantees involving multiple guarantees, after the death of the guarantor, his legacy can still be used to repay debts. However, if it is only a joint guarantee, its legacy does not need to be used to pay off debts.
To sum up, the general guarantor needs to bear the above responsibilities.