Under surety the creditor collects the money from the person who signs as surety in case the debtor fails to pay the money to creditor in given time period. Whereas in case of guarantee the creditor doesn’t approach the guarantor immediately he first tries out all the ways and tricks to get money from debtor but if debtor still couldn’t give the money then only the creditor approaches the guarantor.
So the basic difference is when the creditor approaches to collect money when debts fails to pay him
On the basis of benefits available to surety I would lend money to surety because in case of surety , the surety is liable to pay only that much of amount which the creditor is not able to recover. Then if the parties are under dispute then till dispute ends the surety is not liable to pay and if court discharges the liability of debtor then it automatically in turn discharges the liability of surety.
Therefore the chances of money being safe and the repayment of the loan from a surety is more trustworthy then a guarantor
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