Cosigner Information

Notice to Co-Signers:

You are being asked to co-sign the borrower’s loan. If the borrower doesn’t repay the loan as agreed, you will be responsible for doing so. Be sure you want to accept this responsibility.
Co-signers are liable “jointly and severally” in the event the borrower fails to repay the loan as agreed. Hebrew Free Loan expects all co-signers to share equally in the responsibility for repaying a loan in default. However, each co-signer is individually liable for the full amount of the loan and may be called upon to repay the total balance due. You may also be required to pay collection fees.
Monthly loan payment amounts are determined with the borrower at the time the loan is approved. Hebrew Free Loan reserves the right to modify repayment amounts without notice to co-signers.
You may call Hebrew Free Loan at any time for information about the status of a loan on which you have co-signed. Hebrew Free Loan sends annual statements to borrowers and their co-signers with the status of the loan payments.
You must sign the promissory note using your legal signature. You will be provided with a copy of the promissory note.
You may not be removed from the promissory note until the loan has been paid in full.
You may not take an HFL loan until the co-signed loan has been paid in full.
Hebrew Free Loan keeps all personal information it receives strictly confidential.

Co-Signer Requirements:

You must be a current Michigan resident. Some exceptions may apply.
You must be employed or have investments or savings.
You must complete a co-signer application, authorize a credit report check and provide a copy of your driver’s license. Hebrew Free Loan will call you to verify your information and confirm your commitment.
You may be a previous borrower in good standing.
You may co-sign on more than one HFL loan at a time. However, Hebrew Free Loan reserves the right to determine the number and amount of co-signed loans.
If a co-signer is married, his or her spouse may not act as the second co-signer on the same loan. Some exceptions may apply.

Who Cannot Sign:

A person who currently has a loan administered by HFL may not co-sign.
Professionals employed by any agency in the Jewish community (such as rabbis and cantors, Jewish agency executives and staff, day school teachers and staff) may not co-sign. Some exceptions may apply.
HFL board members/staff.
Persons in active military service may not co-sign.