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A personal guarantee is a promise made by a person or an organization (the guarantor) to accept responsibility for some other party's debt (the debtor) if the debtor fails to pay it. In the case of a personal guarantee made by an individual on behalf of another, the person who makes the personal guarantee is usually referred to as a co-signer ...
A personal guarantee means you personally promise that a debt will be paid back. If you sign a personal guarantee on a business loan, you are responsible for paying back the money if the business ...
The loans are made by private lenders with the caveat that the government will pay off the loans if the company defaults on them. Chrysler did not go into default. Another example was the creation of the Emergency Loan Guarantee Board to administer $250 million in US government loan guarantees made to private lenders on behalf of Lockheed in 1971.
However, guarantor loans are by no means a panacea for this situation - they themselves have high interest rates significantly above standard personal loans (albeit over shorter time periods) and pose a risk to the guarantor who may not be aware of the full extent of the commitment they are undertaking. Anyone being asked to act as a guarantor ...
The guarantor might extend the guarantee to all or a portion of the loan. The guarantee protects the lender, not the borrower. ... Specifically, a guaranteed mortgage loan means:
A personal loan is money that you borrow to cover a one-time expense. The most common reason people use personal loans is to pay down high-interest debt, thanks to their relatively low interest ...
Usually, a surety bond or surety is a promise by a person or company (a surety or guarantor) to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to ...
A personal loan works a lot like an auto loan. You borrow money from a lender and pay it back in equal payments over a term of up to seven years. However, unlike a car loan, most personal loans ...
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