I was rejected for a business loan, but my bank manager said he could give me a personal loan and transfer it into my name as a company director. Would I still have to pay that loan back if my business failed, or would it be written off like a business loan?
If you are personally liable for a loan, either as the primary obligor or a guarantor or co-signer, your obligation might get charged off if the business fails, but your liability won't go away.
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If you are personally liable for a loan, either as the primary obligor or a guarantor or co-signer, your obligation might get charged off if the business fails, but your liability won't go away.
