All loans require qualified guarantors. If you (or your guarantors) meet some but not all of the criteria below, please check with us. We can sometimes make exceptions to certain eligibility requirements.
Who can act as a guarantor?
Is this confidential?
Does a guarantor have to be Jewish?
Are there any income requirements for guarantors?
If I'm retired, can I still be a guarantor?
Will guaranteeing affect my credit?
We are not a credit reporting agency, so guaranteeing a loan should not affect your credit, unless the loan goes into default.
Does a guarantor have to submit a credit report or score?
While we rarely request a credit report from a guarantor, we do reserve the right to request one depending on the situation.
What is the repayment rate of loans?
98% of loan recipients repay their loans.
May I guarantee more than one Hebrew Free Loan at a time?
Yes. You can guarantee multiple loans as long as you are in a financial position to make payment on all of the loans in the event the loan recipients default.
If I currently have a loan with Hebrew Free Loan, may I also guarantee a loan?
No. If you are a current loan recipient, you may not guarantee a loan.
May I apply for a loan if I am an active guarantor?
No. You may not apply for a loan of your own until the loan that you are guaranteeing has been paid in full.
Why do you need guarantors?
Guarantors play an integral role in supporting our lending model of relying on loan payments to fund future loans. Almost all of our loans are repaid by the loan recipients. However, guarantors help ensure that loan payments are made.
Am I allowed to know the balance on the loan I am guaranteeing? How do I find this out?
Yes. Guarantors can request information about the status of a loan directly from the loan recipient or Hebrew Free Loan of Austin. To request this information, send us an email (email@example.com) or call 512-677-4352.
Who can NOT act as a guarantor?
The following people may not act as a guarantor: