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A loan personal guarantee form is used by a guarantor who agrees to ensure the repayment of a debt if the debtor defaults on their obligation. The guarantor takes on the responsibility to repay the loan, which is initially between the lender and the debtor. In this agreement, the debtor is responsible for the original loan, while the lender receives the repayment. The guarantor must adhere to the same terms as the original contract. Essential elements of a loan personal guarantee form include the identification of all parties involved and the specific terms of the guarantee commitment.
