YES 
You are helping a friend or family member access credit when they otherwise may be unable.
The guarantor loan is typically the most affordable type of loan for people with poor credit:
Lower Rates – representative APRs typically ranging from 29% to 55%; compared that to other bad credit loans with APRs ranging from 135% to over 1,000%.
Longer-Term – affordable repayments spread over 12 months to 5 years, compared to up to 12 months for other bad credit loans.
So, by becoming a loan backer you are helping someone potentially save a great deal of money.