What is a Surety?
A Surety is someone who is willing to agree to assume equal
financial responsibility if the EXTRA borrower cannot make his/her
payments. A Surety may be a parent, relative or close friend of the
borrower.
What are the requirements a
Surety must meet?
- U.S. citizen;
- 18 or older;
- Has a valid Social Security Number;
- Has an established and satisfactory credit history; and
- Be willing to assume equal financial responsibility for
the EXTRA loan if the borrower is unable to re-pay.
How do I begin the Surety
Application process?
- The borrower must give you the Loan Application Number and
his/her Social Security Number. We suggest you print out the instruction page;
- Create your own user profile in "My CFNC";
- Select "Online Applications/Financial Aid/EXTRA/Surety".
If your credit report meets the EXTRA credit requirement, you and the
borrower will need to sign the Application/Promissory Note in the same manner.
EXTRA Applicant User Manual contains useful instructions to complete the application.
- Table of Contents
- Accessing Application
- Application (no surety
required)
- Application (surety
required) - Borrower Instructions
- Surety Instructions
- Reference
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