What does signing a Personal Guarantee actually mean?

A personal guarantee is a promise that, if the borrower doesn't pay, you will.

Guarantees vary a lot. Some are capped, some aren't. Some can be called on immediately, some only after the lender has taken other steps.

There may also be an indemnity, which can go further than a simple guarantee.

Before you sign, you should know how much you could owe, when the lender can ask for it and whether any of your assets are at risk.