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A loan personal guarantee form is completed by a guarantor, who agrees to ensure the repayment of a monetary obligation if the debtor defaults. Typically, this agreement involves three parties: the debtor, who is responsible for the original loan; the guarantor, who guarantees the debt will be repaid; and the lender, who benefits from the contract. It is crucial to understand that the guarantor is bound by the same terms as the original contract. The form should clearly outline the responsibilities and commitments of the guarantor concerning the debt obligation, ensuring that all parties understand their roles and liabilities.
