Credit Check Part of Application Process
One of the eligibility requirements for an EXTRA Education Loan is good credit.
When you complete your online application, your authorization for a credit check will trigger a
credit report request. This credit report will show if you are eligible for a loan
on your own or if a qualified Surety will be required. A satisfactory credit history
is expected, but does not by itself guarantee that a loan application will be approved.
The credit result obtained during online application will be used for final
approval of your loan provided both a fully completed promissory note and
school certification are received within 60 days. If either the promissory
note or school certification is received beyond this time frame, CFI will
request a new credit report.
If a Surety is Required
A surety must: (1) be a U.S. citizen; (2) be 18 or older; (3) have a valid social security number;
(4) be creditworthy; and (5) be willing to assume equal financial responsibility for your loan.
After you obtain the consent of someone to serve as your Surety, (s)he must (1) complete
the Surety portion of your EXTRA Education Loan application; (2) be approved (via credit report determination
of good credit); (3) both of you must sign the Application/Promissory Note; and (4) the Surety's
signature must be notarized.
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