Hebrew Free Loan Guarantor FAQ

The mission of Hebrew Free Loan of Austin is to provide interest-free loans to help in a variety of financial situations. HFLA is based on a recycling model where all donations received are loaned out and all loan repayments are put back to work funding new loans.

Why does HFLA require guarantors?

HFLA requires co-signers on our loans for a very simple reason: to ensure that we can continue to help people in the greater Austin area. Co-signers serve as our form of back up, in the event that a borrower defaults on a loan. When you borrow money from HFLA, you only pay back what you borrow. We do not charge interest, therefore we do not generate any money from the loans that we grant. We exist solely on donations, grants, and our loans being paid back.

I’m ready to be a guarantor! What do I do?
  1. Fill out a Guarantor Application at INSERT LINK HERE.
  2. Print, sign, and notarize our Guarantor Agreement at INSERT LINK HERE. Email a digital copy to loans@hfla.org and mail the original copy to:
    Operations Manager
    Hebrew Free Loan of Austin
    3571 Far West Blvd. #233
    Austin, TX 78731
  3. Our Loan Committee will let you know if you need to collect any further supporting documentation.
Who can act as a guarantor?

Guarantors must be permanent residents of the United States, 21 years or older, and have a steady source of income. The guarantor does not have to be Jewish or reside in Austin. Parents or other relatives may act as a guarantor.

Who can NOT act as a guarantor?

The following people may not act as a guarantor:

  • borrower on another HFLA loan
  • borrower’s spouse
  • rabbi, cantor, or director/clergy of a Jewish institution
  • anyone whose position depends on the goodwill of the community
Is this confidential?

Yes. We respect your privacy and will maintain confidentiality. In fact, we do not even share information about each loan with every board member.

Does a guarantor have to be Jewish?

The guarantor does not need to be Jewish.

Are there any income requirements for guarantors?

It depends on the size of the loan requested. As loan amounts increase, guarantors may need higher incomes to qualify, depending on the total number of guarantors. To qualify, a guarantor will need a steady source of income.

If I'm retired, can I still be a guarantor?

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

Will guaranteeing affect my credit?

We are not a credit reporting agency, so guaranteeing a loan should not affect your credit, unless the loan goes into default.

Does a guarantor have to submit a credit report or score?

While we rarely request a credit report from a guarantor, we do reserve the right to request one depending on the situation.

What is the repayment rate of loans?

98% of loan recipients repay their loans.

May I guarantee more than one Hebrew Free Loan at a time?

Yes. You can guarantee multiple loans as long as you are in a financial position to make payment on all of the loans in the event the loan recipients default.

If I currently have a loan with Hebrew Free Loan, may I also guarantee a loan?

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

May I apply for a loan if I am an active guarantor?

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

Am I allowed to know the balance on the loan I am guaranteeing? How do I find this out?

Yes. Guarantors can request information about the status of a loan directly from the loan recipient or Hebrew Free Loan of Austin. To request this information, send us an email (finance@hfla.org) or call 512-677-4352.

Can I support HFLA other than giving money?

Yes! Please visit OTHER WAYS TO HELP. Please contact HFLA so we can discuss your idea or make suggestions, send us an email at info@hfla.org.


To qualify as a guarantor you must be at least 21 years of age, be a U.S. citizen or legal resident, be willing and capable of repayment of the full Loan Amount should the Borrower fail to do so.