STEP 1
File Applicant
& Guarantor Applications
STEP2
JLS Review
& Decision
STEP 3
If Approved, Accept Loan Terms
STEP 4
Sign Loan Documents & Loan Funding
WELCOME APPLICANT
Applicant’s Requirements
• Be a current resident of the Greater St Louis area.
• Married applicant’s require spousal consent for obtaining the loan.
• Have at least one guarantor. Pulpit rabbis are often asked to co-sign due to their visibility in the community. However, a pulpit rabbi cannot be a guarantor except for a close relative, such as their or their spouse’s parents, children, or siblings.
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• Complete the Applicant’s Loan Application, authorize a credit check, and submit all requisite documents.
• Not be a current borrower or the spouse of a current borrower on any active St Louis Jewish Loan Society loans without good cause shown and additional guarantor(s).
• Previous borrowers and their spouses may borrow again, provided all loans have been fully repaid without any defaults or collection efforts.
• Not be a current guarantor on any active St Louis Jewish Loan Society loans.
• For those on a fixed income (e.g., social security or pension), submission of proof of adequate liquid assets and the ability to make monthly payments is strongly recommended.
WELCOME GUARANTOR
THANK YOU for agreeing to be a guarantor on a St Louis Jewish Loan Society application. By doing so, you are fulfilling one of the highest forms of tzedakah.
In most cases, a guarantor should be able to fulfill the following requirements:
• Preferably be a current resident of the Greater St Louis area.
• Married guarantors require spousal consent for guaranteeing a loan.
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• Complete the Guarantor Application, authorize a credit check, and submit all requisite documents.
• A guarantor cannot be a pulpit rabbi, unless they are acting as a guarantor for a close relative, such as their or their spouse’s parents, children, or siblings.
• Not be a current borrower or the spouse of a current borrower on any active St Louis Jewish Loan Society loans.
• You may be a previous borrower or spouse of a previous borrower, provided all previous loans have been paid in full without any default or collection efforts.
• Be able to repay the full amount of the loan, all at once, in the event of borrower’s default, regardless of the reason.
• For those on a fixed income (e.g., social security or pension), submission of proof of adequate liquid assets and the ability to repay the entire loan amount in the event of default is strongly recommended.
• A guarantor may simultaneously guaranty as many active St Louis Jewish Loan Society loans as their liquid assets can cover in the event of simultaneous defaults.
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IMPORTANT INFORMATION
1
Our Loan Process
The loan process begins by having the applicant and their guarantor complete their respective online applications and uploading the requested documents.
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The Loan Society will review the submissions for completeness and may reach out to the applicant or guarantor to request any information or documents that may be missing from the initial submissions.
The Loan Society will review completed applications as quickly as possible, typically within a few days. We may ask for additional information or other documentation, and may propose an interview with the applicant and/or guarantor prior to deciding whether to approve the application.
We will notify the applicant once a decision has been reached. If the application is declined, we may provide one or more reasons why the loan application was declined.
If the application is approved, we will send the proposed loan terms (i.e., loan amount, monthly payment, total number of payments, and any special conditions) to the applicant. The applicant has the right to accept or decline the proposed loan terms at that time. If the applicant accepts the proposed loan terms, we will contact the guarantor to confirm that they are willing to guaranty the proposed loan. If the guarantor declines, the applicant will need to find a qualified and willing replacement guarantor, contingent on the availability of funds.
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To fund the loan, the applicant and guarantor will sign certain Loan Documents, including (i) a Promissory Note, (ii) a Financing Statement,
(iii) an ACH Agreement, and (iv) a Closing Agreement. A copy of all Loan Documents will be forwarded to the applicant and guarantor for their review prior to closing.
We cannot provide any legal, financial, or other advice to the applicant or their guarantor regarding these Loan Documents, and suggest that they review these Loan Documents with their respective attorney prior to scheduling a closing.
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Once all questions have been answered and all Loan Documents signed, the Loan Society will disburse the loan proceeds directly to the vendors and service providers to cover the expenses for which the loan was requested.
We strive to make our loan process as straightforward and transparent as possible, while also respecting applicant's, guarantor's, and our privacy rights.
We welcome any suggestions you have to make our loan process more convenient. Please email us at loans@stljewishloans.org at any time during or after the process with any suggestions or comments you may have..
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Notices to Borrowers & Guarantors
• In addition to the loan amount, the borrower will be fully responsible for all costs and expenses of collection, should this be necessary.
• All monthly payments are expected be made by ACH debits from the borrower’s bank account.
• Each guarantor will be “jointly and severally” liable with the borrower for the loan amount, as well as for all costs and expenses of collection, should this be necessary. This means that the guarantor may be fully responsible for the total balance due on the loan, as well as costs and expenses of collection, separate and apart from the borrower, in the event of a default by the borrower.
• If there are several guarantors, each may share their responsibilities equally among the other guarantors, as they may decide between themselves. However, each individual guarantor will be “jointly and severally” liable with all other guarantors and each may be called upon to repay the total amount due, not just a portion of it.
• We do not automatically send statements or otherwise notify borrower or guarantor of the status of the loan balance, except at the time the loan has been paid off. However, the borrower and guarantor may periodically request information about the status of their loan.
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Privacy Policy
• We collect nonpublic information about the applicant and guarantor from the following sources: (i) directly from applicant and guarantor; (ii) from prior transactions with us, if any; and (iii) from credit reporting agencies.
• Except as set forth above and on the loan application forms, no nonpublic information will be shared outside of The St Louis Jewish Loan Society, except (i) to inform the applicant whether a particular guarantor is acceptable, (ii) to inform the guarantor of the proposed loan terms, (iii) as set forth in the Loan Documents, (iv) as may be required for collection efforts, or (v) as otherwise required by law.
• We will continue to adhere to these privacy policies even after the loan has been paid off.