Multiple choice

Responsible for financial obligations of a debtor/borrower to a lender.

  1. Personal Guarantee

  2. Loan Term

  3. Ability to Repay

  4. Business Plan

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A personal guarantee is a legal promise by an individual to pay back a loan if the primary borrower (often a business) fails to do so.