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Guarantor FAQs?

ALL JFLA LOANS MUST HAVE AT LEAST ONE GUARANTOR

There are no exceptions to the following requirements.

What is a JFLA guarantor (commonly referred to as a co-signer)?

  • A guarantor is a person who agrees to pay back the loan if the borrower is unable to for any reason. JFLA will work with the borrower to collect payment. If the borrower is unable to pay off the loan, JFLA will turn to the guarantor for payment. A guarantor is responsible for the full amount outstanding on a JFLA loan if the borrower is unable to continue payments.

Please note: If the guarantor is married or in a domestic partnership, their spouse/partner is considered a co-guarantor (and cannot sign on as a separate guarantor). Spouses/partners must sign on to all types of loans.

Who cannot be a guarantor?

  • The applicant/borrower cannot guarantee their own loan.
  • The applicant/borrower's spouse or domestic partner cannot be a guarantor.
  • A current borrower or guarantor on an active JFLA loan.
  • The spouse or domestic partner of a current borrower or guarantor.
  • Anyone serving active U.S. military duty.
  • Anyone in active bankruptcy or anyone who has declared bankruptcy in the last 2 years.
  • A current student who is not employed and/or earning significant income.

What does a guarantor need to qualify?

  • Must be 25 years old or older,
  • Must be a permanent resident of the US,
  • Must have steady income,
  • Must have strong, established credit with no recent late payments, collections, or bankruptcies.

What does a guarantor need to provide?

  • Their personal email address, phone number and permanent address,
  • Their current (not expired) state issued ID or driver license,
  • Proof of their current income with either a paystub or tax return,
  • If married, the spouse or domestic partner of the guarantor will also need to provide their email address, their current (not expired) state issued ID or driver license, and their proof of income (if applicable).

What does a guarantor need to do as part of the application process?

  • A guarantor will complete an online form, which will be sent to the guarantor after the prospective applicant participates in an online interview.
  • A guarantor must provide legal consent and authorization to run credit. This form is sent securely to the guarantor via DocuSign after the online guarantor form is completed. If married, the spouse or domestic partner of the guarantor will also need to sign the authorization to run credit.
  • JFLA will run a hard credit check on the guarantor (this will show up on a credit report as an inquiry by Microbilt).
  • Provide the required documents listed above that include but may not be limited to current identification (driver's license or state identification card), proof of income, and personal contact information.

There is no flexibility or exceptions to these requirements.

We thank all guarantors for assisting JFLA in the power of offering interest free loans. We could not make these loans without your assistance.