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: Fri, 20 Sep, 2019 at 3:24 PM
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