Let us look more closely at the bank's secured loan services, especially with regard to the relevant provisions for the loan guarantor. Sometimes people are asked to act as guarantors of others, but over time they may wish to remove this responsibility. How, then, is it correct to cancel the guarantee

If you don't want to vouch for someone, how do you want to be discharged

First, it needs to be understood that the guarantor is generally unable to cancel the security unless the creditor agrees. Security is a matter of a contractual nature. Once the security contract has been signed, the guarantor is under an obligation to assume responsibility for the security unless the parties agree to terminate it. In other words, the liability for security cannot be cancelled unilaterally but only waits for the borrower to settle the debt. Under the rules governing bank lending, a person wishing to transfer a debt must obtain the joint consent of the guarantor, the borrower and the credit union。

So how do we become a qualified guarantor? The first is the need for a good credit record because, although you are not a borrower, you are responsible for the repayment of the loan; The second is the need for bank-recognized economic strength, including a stable income and sufficient repayment capacity; and, lastly, the fact that you do not have too many loans and guaranteed loans of your own, in order to ensure that you have sufficient capacity to replace borrowers in debt service。