|
|
|
|
|
Forum
-> Household Management
-> Finances
amother
Plum
|
Sun, Jun 11 2017, 10:23 pm
Can a poor friend be guarantor? Or only rich friend?
| |
|
Back to top |
0
0
|
out-of-towner
|
Sun, Jun 11 2017, 10:34 pm
My husband runs a loan gemach. Before giving a laon, my husband calls the cosigners and makes sure that they understand that they are undertaking to pay back the loan if the borrower is unable to do so. It is a legally binding contract and cannot be taken lightly. If you do not have that kind of $$$, then please don't cosign.
| |
|
Back to top |
0
3
|
amother
Plum
|
Sun, Jun 11 2017, 11:40 pm
Of course. That was not the question though: Does a gmach accept a poor honest person as a cosigner?
| |
|
Back to top |
0
0
|
amother
Aquamarine
|
Mon, Jun 12 2017, 12:07 am
this is what my city requires
A: Criteria for guarantors include:
Must be at least 18 years of age
Must have the financial means and capability of repaying the loan and preferably own real estate
Cannot be currently a JFLT borrower, clergy or JFLT board member, executive member or his/her spouse
Applicants and their guarantors cannot all be employed by the same person or company
If a married or common-law couple act as guarantors, both spouses must sign all documents
Guarantors must be permanent residents or citizens of Canada, and must have be residents of Ontario for at least one year
Guarantors must be fully employed by the same company for at least one year or have significant assets
A person cannot be a guarantor for more than one loan at a time, unless they are in a very strong financial position and the loan they are currently guaranteeing is being repaid on time
A guarantor cannot live with borrower, with the exception of parents (see below)
http://jewishfreeloan.ca/personal-loans
| |
|
Back to top |
0
0
|
amother
Beige
|
Mon, Jun 12 2017, 12:08 am
amother wrote: | Of course. That was not the question though: Does a gmach accept a poor honest person as a cosigner? |
If the poor honest person can cover the loan in case the borrower defaults. So I suppose it depends how much the loan is for.
| |
|
Back to top |
0
0
|
Ruchel
|
Mon, Jun 12 2017, 6:26 am
I've seen also those without guarantors. You need to ask and find out. Some people do chessed being guarantors. I know someone with such a gmach.
| |
|
Back to top |
0
0
|
out-of-towner
|
Mon, Jun 12 2017, 7:26 am
amother wrote: | Of course. That was not the question though: Does a gmach accept a poor honest person as a cosigner? |
I think that my husband asks for the work information of any cosigner. I don't think he would accept a cosigner who doesn't have a job. But he only asks where they work, not how much they have.
| |
|
Back to top |
0
0
|
amother
Plum
|
Mon, Jun 12 2017, 7:39 am
Thanks for the information.
| |
|
Back to top |
0
0
|
amother
Natural
|
Mon, Jun 12 2017, 9:15 am
We needed to provide bank statements to Hebrew Free Loan in order to be cosigners.
| |
|
Back to top |
0
0
|
amother
Plum
|
Tue, Jun 13 2017, 12:45 am
Cool to know. So far we are triyng to continue without. DH doesnt really want to get a loan.oh well
| |
|
Back to top |
0
0
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
| |
|
|
|
|
|