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Maxabout.com > Tips
- Extending a guarantee is as good as giving loan. So take all the precautions, as you may take while extending the loan.
- In the case of a loan, you may write off the loan, if things go bad but in the case of guarantees, the lender may invoke your guarantee and demand payment from you.
- In case the person to whom you have given guarantee is unable to pay, you may be forced to pay on your guarantee.
- While it is legally possible to recover the money from the person to whom you have given the guarantee, it is very difficult to actually recover the money from the person to whom you have given the guarantee.
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