Becoming a guarantor is a huge responsibility, and one that you should take into great consideration before you make your final decision. Once you sign your name as the 'guarantor' of a loan, this can make you legally responsible for the full loan. Therefore, you could be legally accountable for paying back the entire loan if the other person is unable to make their repayments. As the guarantor, you’re also likely to be responsible for any additional fees, charges, and interest that are left over if the other person defaults, meaning you’re completely responsible for the amount outstanding until it’s paid off.