Why do loan applicants need a guarantor/cosigner?

As a nonprofit lender, HFLA does not make money by charging interest or other fees on our loans. We rely on our loans being repaid so that we can continue lending to those who need.

Guarantors and cosigners are the one form of “backup” in the unlikely event that a borrower defaults on a loan. HFLA is grateful for our guarantors and cosigners, who have ensured loan repayment if/when something prohibits the borrower from completing payment on their loan.