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A loan personal guarantee form is used by a guarantor, an individual who promises to repay a debt if the debtor defaults on a monetary obligation. This form formalizes the agreement between the lender, who receives payment, and the debtor, who is originally responsible for the debt. The guarantor is bound by the same terms as the debtor under the original contract. Key elements that should be included in a loan personal guarantee form are the identities of the parties involved, the obligations guaranteed, and the terms of the contract. Understanding these roles and responsibilities is crucial for all parties involved in the agreement.