What is a guarantor?

A guarantor is a person who is financially stable and ensures the property owner that in case the tenant cannot pay for the rent, the guarantor will be responsible for the rent. The guarantor has nearly the same responsibility as the tenants, therefore it is advisable that you choose a relative. In general, the guarantor has to be those residing in Japan.

Finding a guarantor

Many foreigners find it difficult to find their guarantor. There are conditions for the guarantor which may be the cause of the problem. In general, the guarantor must be financially stable and has a Japanese citizenship. Since there is a tradition of Japanese saying “don’t be a guarantor for others” it may be a problem finding your friend to be a guarantor.

Guaranty Company

If you cannot find a guarantor, there is a guaranty company which serves as a guarantor. The number of guaranty companies are increasing today in Japan. The regulations varies according to the companies. For instance the types of the guaranty companies are those that obligates to set a guarantor, emergency contact, or those without the obligation of having a guarantor or any emergency contact. Furthermore, credit card account may be used as a guarantee.