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What is A personal guarantee?

A personal guarantee is an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay 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.

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What is A personal guarantee?

A personal guarantee is an individual’s legal promise to repay credit issued to a business for which they serve as an executive or...

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