How good is a personal guarantee?

Personal guarantees don't have a direct impact on your personal or business credit history, or credit score unless you run into trouble. "They don't typically show up on credit reports," Luebbers says. But, a personal guarantee could affect your credit if you have late payments or default on the loan.

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Guaranty by Individual - Complex

King Washington Guaranty by Individual - Complex

Name: King Washington Guaranty by Individual - Complex
Brand: US Legal Forms
Rating: 4.81 (249 reviews)

Category:

Guaranty - Complex

State:

Multi-State

County:

King

Control #:

US-02520

Format:

Instant download

Description

This form states that for valuable consideration, the guarantor contracts and agrees with the lender, that the guarantor will pay, absolutely and unconditionally, the debt of the borrower.

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FAQ

A personal guarantee is an agreement that allows a lender to go after your personal assets if your company, relative, or friend defaults on a loan. For instance, if your business goes under, the creditor can sue you to collect any outstanding balance.

Personal guarantees don't have a direct impact on your personal or business credit history, or credit score unless you run into trouble. "They don't typically show up on credit reports," Luebbers says. But, a personal guarantee could affect your credit if you have late payments or default on the loan.

With a personal guarantee, the creditor is entitled to payment from the business owner personally. A personal guarantee can be enforced the same way as any debt. If the business owner does not pay, the creditor can bring a lawsuit to receive a judgment and levy the owner's personal assets to cover the debt.

If you sign a personal guarantee, you are personally liable for the loan balance or a portion thereof. If your business later defaults on the loan, anyone who signed the personal guarantee can be held responsible for the remaining balance, even after the lender forecloses on the loan collateral.

Personal guarantees and credit scores Before you sign a personal guarantee on a business loan, you'll first complete a loan application process that includes a personal credit check either hard or soft. These credit checks are usually required for all business owners who own at least 20% of your company.

A personal guarantee allows lenders to sue you personally, not just the business, for repayment of the loan. Specifically, it makes it possible for a lender to attach your bank account or other assets or garnish your wages as payment for the loan.

Corporate credit cards that are issued to an individual are another example of a personal guarantee. The individual or employee is responsible for the debt that the organization takes on and the overall spending on the credit card. Here, the cardholder takes the role of a guarantor.

A guarantor can be any party, including an individual or another organization, with a credit history. A common purpose of a personal guarantee is to allow a loan to be extended to an organization or person with either no credit history or one with a credit rating that is too poor to qualify for a loan.

To be enforceable as a personal guaranty, the signatory must sign the guaranty in his or her personal capacity and not as the president or CEO of the company receiving the loan, which is its own legal entity, separate and apart from the people that run and operate it.

A personal guarantee is a legal clause designed to protect the lender in a situation where the business is unable to pay back its debt. If you as a business owner sign a personal guarantee, you could be putting you and your family's financial future at risk.

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King Washington Guaranty by Individual - Complex

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