A guarantor is a person (or group of people) that is willing to make a guarantee on another borrower's loan
A guarantee is a promise by the guarantor that the borrower under a credit contract will keep to all the terms and conditions of the contract. If the borrower does not do so, the guarantor promises to pay the credit provider all the money owing on the contract (and any reasonable enforcement expenses) as soon as the money is asked for. If the guarantor does not pay, then the credit provider can take enforcement action against the guarantor, which may result in the forced sale of any property owned by the guarantor.