The loan application process begins with an individual obtaining and submitting an application.
During this initial stage, the applicant also secures one or two guarantors depending upon the size of the loan. One guarantor is necessary for loans up to about $1,000 and an additional guarantor may be required for larger loans.
The guarantor is often a close friend or relative. While we look to the borrower to make the monthly payments required according to the promissory note, the guarantors will be responsible for repaying the loan if the borrower’s payments are not made.
The applicant works with the guarantor to ensure his or her timely submission of all forms needed to co-sign a loan.
Guarantors must submit two forms.
(1) The Guarantor Information form*. In lieu of completing a Guarantor’s Information Form, a Guarantor may elect to provide JIFLA with cash security, the amount of which to be mutually agreed upon between Guarantor and JIFLA
(2) The Guarantor Agreement form*
All applicant and guarantor forms must be completed in full in order for the applicant to be considered for a loan.
JIFLA will contact all guarantors to confirm their understanding of their responsibility and to discuss any additional questions or concerns.