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A loan personal guarantee form is used by a guarantor who agrees to ensure the repayment of a monetary obligation if the debtor defaults on the original loan. The guarantor takes on responsibility for the debt, acting as a safety net for the lender, who benefits from the original contract. The debtor is the individual initially responsible for the loan. It is essential for the guarantor to understand that they are bound by the same terms as outlined in the original contract. Key elements that should be included in a loan personal guarantee form are not specified in the text, but the form typically highlights the guarantor's commitment to repaying the debt if the debtor fails to do so.