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Collateral ties a loan to a specific asset, like your business's inventory or your home, which the lender can seize if your business can't repay the loan. A personal guarantee promises the lender that you will repay the debt using your personal assets, but may not specify how.

Personal guarantees on business loans are designed to reduce a bank's risk in lending out money to business owners who may not have a proven track record of repaying loans. In order for a lender to go without personal guarantees, they must have some other way of reducing their risk as they lend to new clients.

When a personal guarantee is used, the applicant includes their Social Security Number (SSN) for a hard credit inquiry as well as details about the individual's personal income. This information is in addition to the company's employer identification number (EIN) and financial statements.

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.

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.

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