Borrower Agreement

  • Expectations for keeping your contact information up to date: 

    • I will notify JFLC with any contact information changes including change of address, phone number, or email address.

    • I will notify JFLC if my bank information changes including a changing my banking institution or account number.

    • I am responsible for consistently knowing that my checking account has sufficient funds at the appropriate time so that my payment to JFLC processes successfully. 

  • What to do if you need to adjust the date of your payment:

    • I will communicate the details of my situation by emailing loans@jflchicago.org with as much lead time as possible, and no fewer than three (3) business days prior to when the payment will initially process (usually the 15th of every month, unless otherwise determined).

    • I understand that ACH debits can take between 1-3 business days to fully process, and it’s critical to notify JFLC of any changes prior to the date that the transaction originates.

  • What to expect from JFLC if a payment fails:

    • I will be contacted as soon as two business days of JFLC’s notification of payment failure. I will respond within five (5) business days of this to resolve the issue. If JFLC fails to hear from me, JFLC will contact my guarantor.

      • When you are reached, JFLC will work with you on an alternate payment plan, which will include an additional $5.00 fee toward your next payment to cover JFLC’s cost incurred from attempting the previous failed transaction.

      • If neither you nor your guarantor can be reached, then JFLC will work with an attorney and mail a demand letter to you. If neither you nor your guarantor fail to communicate, JFLC may proceed by taking legal action in court.

_____________________ 

Name 

_____________________ _________

Signature Date

Guarantor Agreement 

Guarantor Requirements:

  • I must be employed, or have adequate savings or investments. Documentation of my savings may be requested.

  • I am not a current JFLC borrower; I am ineligible to serve as a guarantor if I have previously failed to repay a JFLC loan.  

  • I may guarantee more than one JFLC loan, but the maximum guarantee amount may not exceed $10,000 at any given time. 

I acknowledge and agree to the following:  

  • I am being asked to guarantee a borrower’s loan. If the borrower is unable or unwilling to repay the loan as agreed, I am responsible for doing so.  

  • If the borrower misses a loan payment, JFLC will make attempts to contact them. If these attempts are unsuccessful, JFLC will contact me to continue the agreed upon payment plan.  

  • If neither the borrower nor I repay the loan, then JFLC reserves the right to take legal action against both of us in court.  

  • In consultation with the borrower, JFLC may modify payment plans (monthly amount and scheduling) from the original loan agreement.  

  • I may email JFLC at loans@jflchicago.org at any time for information about the status of the loan for which I guarantee.  

  • I will sign the Promissory Note using my legal signature. I will be provided with a copy of the Promissory Note.  

  • I may not apply for a JFLC loan until the loan for which I am the guarantor has been paid in full.  

  • I understand that JFLC keeps all personal information strictly confidential.


_____________________ 

Name 

_____________________ _________

Signature Date