Glossary of Terms - g

Rights to demand payment from the general assets of the debtor, without seniority in access to any specific assets.
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The lender trusts your intentions to make payments on the loan, make them on time, and not default on the borrowing conditions of the loan.
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A commitment by the guarantor to reimburse a lender or subsequent holder of an approved loan when the borrower fails to repay the loan due to the borrower's death, disability, default, or bankruptcy.
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A pledge to cover the payment of debt or to perform some obligation if the person liable fails to perform. When a third party guarantees a loan, it promises to pay in the event of a default by the borrower.
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