Request and record guarantors
Who can do this Credit committee
Steps
- Add guarantors in the application under Who will secure this loan?, with an amount for each. Their free deposits and total liability are shown.
- After submission, open Guarantees to see requests waiting, with their age.
- If a guarantor signed a paper form, select Record paper acceptance, enter the amount and upload the signed form.
- To replace a guarantor, select Substitute; to free one, select Release once the loan allows it.
What happens next
Once every guarantee is accepted, the application moves to Appraisal. Accepted guarantees hold that part of the guarantor’s deposits, and guarantors are told as the loan is repaid or falls behind.
Common problems
"A self-guarantee is not available while you are guaranteeing another member's loan"
Use other guarantors, or release the member's own guarantee first.
"This member cannot guarantee: an earlier loan of theirs defaulted"
Choose another guarantor. Your society can change this in the loan product settings.
"The loan has moved past appraisal"
Guarantees can't be accepted after appraisal. Substitute through the loan instead.
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