Definition: Nonguaranteed debts, also known as unguaranteed loans or unguaranteed credit, are financial obligations that do not have a guarantee provided by an external party. These types of debts can be secured, meaning they are linked to an asset such as property, and the borrower is responsible for repaying the debt in full when the asset is sold. Nonguaranteed debts are typically used in situations where there is no guarantee or assurance that the borrower will be able to pay back
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