A guarantor is an individual who agrees to take responsibility for repaying a loan if the borrower is unable to do so. This role provides additional security for the lender, as it reduces the risk associated with lending funds by ensuring that someone else will step in to cover the repayment if necessary. Guarantors have a strong financial standing and a solid credit history, which helps to reassure the lender that the loan will be repaid.
To be approved to support a loan, guarantors need to have good credit, a stable income and be at least 25 years of age. Guarantors cannot have any current activity with Tucson Jewish Free Loan either as borrowers or guarantors. Guarantors must be willing and able to repay the loan if the borrower is unable to do so. Guarantors must complete the guarantor application and be interviewed.
No, married couples are considered one borrower therefore a spouse cannot be a guarantor on a loan.
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