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A loan personal guarantee form is a document used by a guarantor, who agrees to assume responsibility for a debtor's monetary obligation in case of default. The guarantor ensures repayment of the debt if the debtor fails to meet their payment obligations. In this arrangement, the debtor is the primary party responsible for the obligation, while the lender benefits from the loan. The guarantor is bound by the same terms as outlined in the original contract between the lender and the debtor. Essential elements that should be included in a loan personal guarantee form outline the responsibilities and commitments of the guarantor in relation to the original loan agreement.