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Why independent advice is demanded
When a spouse or non-executive signs a personal guarantee, the lender wants proof the person understood it and was not pressured. Independent legal advice closes off a later challenge on undue influence. It is a shield for the lender.
What it means for you
The advice explains your exposure but does not reduce it. If you would rather avoid the exposure and the cost of advice, a no-personal-guarantee loan needs neither.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Do I have to take legal advice to guarantee a loan?
Often yes, especially where a family member signs. It protects the lender against a later challenge. It does not lower your liability.
Can I skip it?
Not if the lender requires it. Borrowing without a personal guarantee avoids the requirement altogether.
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