A guarantor is someone who agrees to repay the loan if the borrower is unable or unwilling to do so.

Guarantors play an integral role in supporting our lending model. Most loans are repaid by the loan recipients, but guarantors make our loans more secure by ensuring repayment even if unexpected events cause the recipient to default. In our experience, loan recipients are all the more compelled to repay their loans when they know their friends and relatives are counting on them to do so.

For personal loans, applicants must provide one qualified guarantor. A spouse cannot serve as a guarantor.

For small business loans, applicants are required to personally guarantee the loan and provide one qualified guarantor. If you are unable to provide an outside guarantor, you may instead submit a character reference from a trusted business advisor in place of the guarantor.

If you have questions about the guarantor requirements, please contact JFLC before applying. We are happy to discuss your situation.

A guarantor should be someone who knows the borrower well and is willing and able to accept financial responsibility if the borrower is unable to repay the loan.

For personal loans, a guarantor must:

• Have an annual income of at least $50,000

• Have a credit score of 670 or higher

• Be a U.S. citizen or permanent resident

• Not be the borrower's spouse

For small business loans, a guarantor must:

• Have an annual income of at least $50,000

• Have a credit score of 700 or higher

• Not be the borrower’s spouse

• Note: If you are unable to provide a guarantor (other than yourself), you may submit a character reference from a trusted business advisor instead.

No. Guarantors do not have to be Jewish. JFLC welcomes guarantors (and loan applicants) of all backgrounds and faiths.

Yes. A guarantor may be a family member or friend, provided they meet JFLC's eligibility requirements. However, a spouse cannot serve as a guarantor.

Guarantors should have a minimum annual gross income of $50,000.

Yes, as long as your net worth and income streams allow you to comfortably take on the financial responsibility of guaranteeing a loan.

For personal loans, JFLC conducts a soft credit check, which does not affect a guarantor's credit score or appear on their credit report.

For small business loans, JFLC conducts a soft credit check on the guarantor and a hard credit check on the individual applicant as part of the application process.

Yes. You may guarantee more than one JFLC loan, provided the combined outstanding loan balance does not exceed $10,000 and you meet JFLC's financial qualifications. JFLC reviews each situation individually to ensure guarantors are able to take on the financial responsibility.

No. If you are a current borrower, you may not guarantee a loan.

No. You may not apply for a loan of your own until the loan that you are guaranteeing has been paid in full.

Yes. Guarantors are entitled to full disclosure on the details of the loan, including the loan’s current balance, the monthly repayment rate, the estimated loan repayment date, and the names of the other guarantors. You may email us at loans@jflchicago.org to request this information at any time.