Guarantor

Business / Taxes / Guarantor: If lenders are concerned about your income, your credit history, or other risk factors when you apply for a loan, they may require a guarantor, or cosigner. The guarantor signs the loan with you and agrees to pay your debt if you default. For example, lenders may fear that your income may not be high enough to meet your payments if you encounter any unexpected financial setbacks. Laws governing who may serve as a guarantor vary from state to state. Some states require that your guarantor be a resident of the state where you’re obtaining the loan, while others will accept guarantors from out of state as well.

Guarantor Program

Business / Finance / Guarantor Program: A policy that covers the full cost of replacing damaged property without any allowances or deductions, e.g., depreciation. MORE

Obligor

Business / Finance / Obligor: A person who has an obligation to pay off a debt. MORE

Options Clearing Corporation (OCC)

Business / Finance / Options Clearing Corporation (OCC): Applies to derivative products. Financial institution that is the actual issuer and guarantor of all listed option contracts. MORE

Links
Home
Glossary
Thesaurus