Don’t act as a loan guarantor if you can avoid it
Don’t do it unless you’re guaranteeing your own business borrowings as a condition of getting credit, or as a trustee of your own family trust, as a condition of credit for something like a mortgage
And never, ever go guarantor on someone else’s business, even if you love them. If you do, only provide a limited guarantee for an amount you can afford to lose. And that goes for home loans, too.