Bank loan problem?

Hello, there is a difference between an emergency contact and a guarantor. The emergency contact person is not a debt guarantor and has no obligation to assume debts. He only asked the emergency contact for the borrower's information when the bank could not contact him. A guarantor is a person who provides mortgage guarantee, pledge guarantee or personal guarantee for the borrower to perform the debt. When the borrower is unable to repay the loan, the guarantor has the obligation to help repay the loan.

If you can't contact the emergency contact person you set up, it may affect your credit evaluation and loan issuance. The bank requires you to take an emergency contact to the bank for a loan, probably to verify the authenticity of your information and the identity of the emergency contact. Whether this requirement is reasonable or not may depend on the specific loan contract and bank regulations. You can consult your lending institution or professional legal adviser.

If you take emergency contacts to the bank for loans, as long as they are not allowed to sign any guarantee agreement or undertaking, they will not become guarantors and will not bear the risks of guarantors. You can explain the situation to them, or you can let them read the documents provided by the bank carefully to avoid unnecessary misunderstandings and disputes.

I hope my answer is helpful to you. If you have any other questions, please continue to consult me. ?