A personal guarantee is an individual’s legal promise to repay credit issued to a business for which they serve as an director or shareholder. Providing a personal guarantee means that if the business becomes unable to repay a debt then the individual is personally responsible. The personal guarantee provides an extra level of protection to credit issuers, who want to make sure they will be repaid.
What is a guarantor or a personal guarantee
Modified on: Tue, 27 Mar, 2018 at 4:46 PM
Did you find it helpful? Yes No
Can you please tell us how we can improve this article?