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Guaranty agreement (personal guarantee)
templateA guarantor agrees to be personally responsible for a debt if the primary borrower doesn't pay — commonly used alongside a business loan when a lender wants a backstop beyond the business itself.
Good fit for
- +A lender or business partner wanting a personal backstop on a business loan
- +New businesses without enough credit history to borrow on their own
Not ideal for
- −The guarantor signing without fully understanding they become personally liable for the full debt — this is a serious, binding commitment
- −Loans that already have adequate collateral (see the security agreement instead, or use both together)
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