I have been wondering why someone would actually becoming a
guarantor for someone who wants to borrow money from the
loansharks. If you were once a guarantor, please enlighten
me...
1) What is the benefit that you could possibly get from becoming
a guarantor? If none then why would you become one?
2) As a guarantor, do you ask for any form of collateral from
the borrowers as compensation for the high risks you are
taking?
3) After the loan is taken out, how do you make sure borrowers
don't run away? Do you ask them to report you regularly to make
sure they are repaying the money they borrowed?
Please share your experiences with me.
Every story is very much appreciated :)