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A loan personal guarantee form is utilized by a guarantor, an individual who agrees to ensure the repayment of a debt if the debtor defaults on a loan. This form establishes a commitment between the guarantor, the debtor (who is originally obligated to repay the loan), and the lender (who receives the payment). The guarantor binds themselves to the same terms as those in the original contract. Key elements that should be included in a loan personal guarantee form are the parties involved, details of the obligation being guaranteed, and the terms of the guarantee to ensure clarity and enforceability.