So, your lender wants you to agree to a personal guarantee for your business loan. Do you really know what you’re signing and risking?
A personal guarantee is an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner.
When you sign a personal guarantee, you’ll be personally responsible for paying back the debt if your business fails to repay. But should you do it?
Have questions about personal loans? Get answers from Discover® Personal Loans about prepayment, disbursement, the loan process, and more.
Table of Contents ; Bank Guarantee · Letter of Credit · Special Considerations · Do I Have to Have an Account to Get a Letter of Credit From a Bank? · When Would I Need a Bank Guarantee? · Do I Have to Pay for a Letter of Credit or Bank Guarantee?
The best personal loan lenders offer borrowers the lowest rates and issue funds quickly. Here's how to find the best personal loans to meet your financial goals.
A personal guarantee is a legally binding agreement where business owners agree to be personally liable if their company defaults on the loan.
Many small business loans require the business owner to sign a personal guarantee. Learn about the risks of personally guaranteeing a loan.
A personal guarantee is a type of unsecured loan agreement that allows the lender to acquire the guarantor’s personal assets if the associated debtor
Before you personally guarantee a mortgage or other loan for a family member, or for your own corporation or LLC, you need to be sure you understand the loan guarantee agreement.