Qitzur Shulchan Arukh – 65:24
A Jew who borrows from an aku”m [literally “a star worshipper”, sometimes it is specific to polytheists, and sometimes refers to non-Jews in general] with interest and another Jew is the guarantor, if they have an agreement that the aku”m can only collect at first from the borrower, and only if he failed to get from the borrower can he then demand from the guarantor, this is permitted.
However, if the agreement was that the aku”m can first demand from the guarantor, it is as if the guarantor borrowed from the aku”m, and then loaned to the Jew the money, and it is forbidden.
Similarly, a aku”m who borrowed from a Jew with interest and another Jew is the guarantor, if there was an agreement that the lender may only collect at first from the aku”m borrower, and even if he does not find [the money] at the aku”m borrower, can then he collect from the guarantor, this is permitted.
However, if if the agreement was that he can claim first also from the [Jewish] guarantor, then the guarantor is like a borrower, and this is forbidden. If the Jew is guaranteeing only the principal, and not the interest, this is allowed.
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