Do Personal Guarantees Affect Credit Scores?

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Whether you’re a solopreneur launching a start-up or a small-business owner seeking to grow your company, you might need extra funding. And if you’re looking for business loan, you might need a personal guarantee.

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What Does a Personal Guarantee Mean?

Why Would a Lender Require a Personal Guarantee?

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How Does a Personal Guarantee Affect Your Credit Score?

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This is a personal decision that depends on a variety of factors, including your confidence in the business. But here are a few questions to ask yourself before you take this action, which can have long-lasting consequences on your own personal finances.

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Do you really need to guarantee the loan?

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Do Personal Guarantees Affect Credit Scores?

Whether you’re a solopreneur launching a start-up or a small-business owner seeking to grow your company, you might need extra funding. And if you’re looking for business loan, you might need a personal guarantee.

What Does a Personal Guarantee Mean?

A personal guarantee means you personally promise that a debt will be paid back. If you sign a personal guarantee on a business loan, you are responsible for paying back the money if the business is unable to do so.

Why Would a Lender Require a Personal Guarantee?

Personal guarantees are all about reducing risk for the lender. If you sign one, it has two potential entities to chase to collect the loan.

How Does a Personal Guarantee Affect Your Credit Score?

Whether or not a personal guarantee affects your credit score depends on the situation. First, business loans may or may not be reported on your credit history.

This is a personal decision that depends on a variety of factors, including your confidence in the business. But here are a few questions to ask yourself before you take this action, which can have long-lasting consequences on your own personal finances.

Should You Sign a Personal Guarantee for a Business Loan?

Do you really need to guarantee the loan?

Your business doesn’t need perfect credit to get a loan, and there are many financing options available. Make sure you explore all your resources and understand what they’ll cost you and your business before you decide on one.

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