Types of guarantee
The guarantee is an instrument for which a third (guarantor) promises to pay the loan and his interests in case the (endorsed) original debtor does not expire with the return of the debt. Different types of guarantees exist as the guarantee that is offered:
The payroll
It is possible to endorse with the payroll, but it is not a guarantee that the banks accept since it has disadvantages. The payroll depends on the work and on the type of contract of the guarantor who can change in the future or even get lost. If come the moment has to impede the payroll, this one is protected by the law and it is not possible to impede 100 %, a quantity always exists inembargable depending on the quantity of the revenue and of the situation of the guarantor.
The personal guarantee
The personal guarantee is the commitment for which the guarantor will become responsible for the payment of the debt in case of non-payment for the holder with identical responsibility. This is the most common guarantee since it does not demand expenses in his constitution. It is frequent that is signed between relatives or very nearby friends by the enormous responsibility that it transports.
Goods or real rights
Also there can be used like guarantee goods or real rights that are possessed in the shape of pledge. This is in case of non-payment the creditor he will execute or appropriate of as a token well to receive the debt for from him. While 100 % of the debt is not satisfied it does not recover as a token well and although it continues in our property we will not be able to transmit it or sell.
The bank guarantee
The bank guarantee is the guarantee of a financial institution different from the one that gives us the loan that will attend to the debts in case of non-payment. This is a class of guarantee less used in the crediting but much requested, every day more, in the hiring of other services like for example rent of apartments or places, in addition to the deposit guarantee is demanded frequently. His principal disadvantage is that it is slow of proceeding, that it costs money (a bank guarantee for 6.000 euros comes to cost approximately 30 euros for every month that one supports) and that the money that one arranges for the bank guarantee blocks in the account and it is not possible to have him while the guarantee lasts.