guarantor
gair-uhn-TOR
/ˌɡærənˈtɔːr/
A person or organization that promises to pay a debt or perform an obligation if the person directly responsible fails to do so.
In renting, a guarantor is legally liable for the rent if the tenant defaults. This is common for students or young professionals without a strong credit history.
The story behind the word. Traced back to the Old French 'garant', meaning a defender or protector. It shares a common Germanic origin with the word 'warden' and 'guard'. A guarantor is literally guarding the landlord's financial interests.
Word relationships
- surety: 'Surety' is an older, highly formal legal term for someone who takes responsibility for another's debt.
- co-signer: A 'co-signer' is typically equally responsible for payments from the start, whereas a 'guarantor' is secondary, only paying if the primary tenant defaults.
Commonly confused with
- guarantee: A 'guarantee' is the promise or assurance itself; a 'guarantor' is the actual person who makes that promise.
Word family
- guarantee (verb/noun): To provide a formal assurance; a promise.
Collocations
- act as a guarantor
- require a guarantor
- guarantor agreement
Example sentences
- "Because I didn't have a full-time job, the landlord required my parents to act as a guarantor on the lease." Renting a first apartment
- "Being a guarantor is a serious financial commitment, as you are legally responsible for the entire rent if things go wrong." Financial liability
Memory hook
A guarantor 'guarantees' that the landlord gets their 'rent' or 'ore' (money). Guarantor: The financial guard.
When not to use
Do not confuse with a 'co-signer' who shares the lease from day one; a guarantor is only called upon if the primary tenant fails to pay.
Fun facts
- In some countries, if you cannot find a personal guarantor, there are commercial companies that will act as your guarantor for a fee, essentially selling you 'rent insurance'.
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