✏️ Exciting News: Our website is getting a fresh new look - stay tuned! 💻

flip logo white rgb
Book now

Give me some money – just like that!

Gruppe an Personen die ihre Hände übereinander halten
scroll down ancher
A friend of yours needs some money and wants to take out a loan at the bank. But to do that, she or he needs someone to stand surety, i.e. to guarantee that the loan will be repaid. Would you do that? Yes? Would you also agree to give him/her 100.000 euros as a present on the spot?
Guarantee a loan just like that
Standing surety is not something you do as a favour or because you are friends with someone. A suretyship contract is a legal instrument which binds you as guarantor until the loan has been completely repaid. By signing a loan agreement as surety, you accept the obligation to pay all the money which your friend may be unable or unwilling to pay. Regardless of whether the original debtor has suffered an accident or has become unable to pay for any other reason, you will have to foot the bill. You will have to pay even if you don’t have enough money and have to take out a loan yourself to repay your friend’s debt. So suretyship is far from being a mere formality. Signing as surety is a weighty matter. Once you have signed the suretyship contract, you have accepted all the payment obligations.

Standind surety – I want to do it

  1. 1. Read the suretyship contract carefully.You should only guarantee a loan if you could afford to give away the loan amount as a gift
  2. 2. Read the suretyship contract carefully.
  3. 3. Only sign documents you fully understand.
  4. 4. Give your signature only if you really want to. Do not give in to any pressure.
1. You should only guarantee a loan if you could afford to give away the loan amount as a gift.
2. Read the suretyship contract carefully.
3. Only sign documents you fully understand.
4. Give your signature only if you really want to. Do not give in to any pressure.

FAQ

If you act as a guarantor for someone, you are legally obliged to assume their debts if they cannot or do not want to repay the loan. Your signature on the guarantee agreement makes you liable to pay – regardless of the reason for the default.
A guarantee is a binding contract with far-reaching consequences. You should only sign it if you are absolutely sure that you could really cover the entire loan amount in an emergency – as if you were giving the money away.
Read the contract carefully and only sign if you understand everything. Don’t let yourself be put under pressure – neither by the person taking out the loan nor by the bank. A guarantee is a very personal decision that you should only make if you really want it and can afford the consequences.
You will then be required to pay as a guarantor. This may mean that you have to take out a loan yourself to pay off the debt. This can put your financial security at great risk – to the point of over-indebtedness.
Yes, sometimes it can make more sense to lend the person a smaller amount directly or to look for other financing options together. A guarantee should always be the last option – and only if you are absolutely sure that you can step in in an emergency.

Subscribe to our newsletter*!

Stay up to date with our newsletter –
subscribe for new tour dates and important updates.
*only available in German
Register now

Mehr zu Debts

Pocket Money Guide
All about money, Money & Happiness

Pocket Money Guide

Taschengeld als Instrument: Kinder und Jugendliche lernen den Umgang mit Geld Kinder und Jugendliche lernen den Umgang mit Geld. Welche Dinge gibt es dabei zu beachten?
Read now
Why do we pay with euros?
Money & Society

Why do we pay with euros?

The euro is the common currency of 19 EU member states and six other European countries. In Austria, we have been paying with euros since 2002. Despite some criticism here and there, the story of the euro is a success story. How come?
Read now
Designer clothes<br>Do you really need them?
Money & Happiness

Designer clothes
Do you really need them?

Branded clothes are “in”, but are they worth the money? Or is the saying true: “Buy cheap, buy expensive?”
Read now
Choosing an occupation
Education & Career

Choosing an occupation

When you leave school, you may still want to become a prince or princess, or maybe a racing driver – but most people tend to opt for other professional fields.
Read now
How does a banking crisis come about?
Banks & Economy, Money & Society, Debts

How does a banking crisis come about?

The banking business is associated with certain unavoidable risks. What happens when banks go bust?
Read now
The right to your own account
Money & Society, Account & Payment, Debts

The right to your own account

Living without a bank account is possible, but it is difficult. The European Union has therefore decided that every person has a right to an account.
Read now
Fixed costs – electricity and gas
Account & Payment, Debts

Fixed costs – electricity and gas

You want to save ten euros each week. But how to get started?
To decide that, you first need to know what your fixed costs, or fixed expenses, are.
Only if you know how much money you need to spend each month
will you be able to find out what your potential savings could be. To decide that, you first need to know what your fixed costs, or fixed expenses, are. Only if you know how much money you need to spend each month will you be able to find out what your potential savings could be.
Read now
Apprenticeship
Education & Career

Apprenticeship

Thinking about doing an apprenticeship? We have some good reasons for you why an apprenticeship might suit you.
Read now

Subscribe to FLiP News

Updates on exhibition, program & events

Subscribe to FLiP News

Updates on exhibition, program & events