What are the criteria for a successful guarantor?
Criteria for guarantors include: • Must be at least 21 years of age • Must have the financial means and capability of repaying the loan and preferably own real estate • Cannot be current a TJFLC borrower, clergy or TJFLC 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 been residents of the GTA for at least one year • Guarantors must be fully employed by the same company for at least one year • 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 guarantors cannot live with borrower, with the exception of parents (see below)
