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- Loans require 2 Cosigners*. Cosigners are required to immediately make payments that are not fully satisfied by the Borrower in a timely manner. This can include quarterly payment amounts, the full outstanding loan amount (if applicable), any court or Beis Din costs – and the Gemach’s reasonable expenses – necessary to enforce missed obligations. Both Cosigners will be liable for amounts due under the loan (i.e. the Gemach would seek payment in full from both Cosigners).
- Applicants must be at least 18 years of age.
- Loans are for individuals who reside in Metropolitan Detroit, Michigan for the loan period.
- A Pruzbul will be made so that loans are not erased by Shemitah.
- Borrowers are responsible for determining any tax ramifications on him/her.
- The Borrower is responsible to perform their obligations. The Gemach is not responsible to remind Borrowers that deliverables are due.
- The following violations of the Loan Agreement can result in the loan becoming due in full:
- Missing a payment
- Failing to provide any of the proofs required in the Loan Agreement
- A payment that fails to clear financial institution on the first try
- Borrower declaring, or filing for, bankruptcy
- The elimination of the need underlying the loan (i.e. the Borrower stops the business or education program).
- When the loan is repaid in full, the Gemach will provide a copy of the Loan Agreement that is marked “PAID” as evidence the loan has been fully satisfied.
Note: Cosigners may not be related to the Borrower in the following ways: Spouse, child, son-in-law, or daughter-in-law. In addition, the 2 Cosigners for a single loan cannot be spouses. Cosigners cannot be a Rabbi with an administrative role in a communal institution. Cosigners must be at least 25 years of age, cannot have an outstanding loan of their own with the Gemach or have a past loan with the Gemach that experienced a default.