Surety Requirements & Responsibilities

Becoming a surety is a meaningful way to support someone's educational journey. By agreeing to act as a surety, you’re legally committing to help repay the loan if the borrower cannot. Your role is vital, and we want to ensure you're fully informed before making this decision.

✅ Eligibility Criteria – Who Can Be a Surety?

To be eligible to act as a surety, you must meet the following criteria:

• No Existing SRLF Loan
  You cannot have an active loan with the SRLF at the time of signing.
• Age Limit
  You must be at least 18 years old and not older than 60 years at the time of signing the loan agreement.
• Income Requirements
  Your income helps determine whether you can reasonably support the borrower if needed:
  • Combined annual income: at least $60,000,
  • No surety must earn at least $20,000/year
• Loans up to $20,000 → Minimum income: $20,000/year
• Loans between $20,000–$30,000 → Minimum income: $30,000/year
• Loans over $30,000 (up to $50,000) → Two sureties required:
• Employment
  You must be gainfully employed:
• On a cumulative basis for at least 2 years
• Residency & Citizenship
  Sureties must be:
• A citizen of Barbados, and or a permanent resident either must be living and working in Barbados
• Credit Standing
  Your credit history must meet SRLF’s lending criteria, as it reflects your ability to take on financial responsibility.

📄 Required Documentation

To verify your eligibility, you must provide:

• Proof of Income
  • Financial statements and six months banks, and
  • An affidavit confirming income, business activity, and length of operations, signed by a Justice of the Peace, Attorney-at-Law, Minister of Religion, or Accountant
• Employed persons: Recent pay slip and job letter
• Self-employed persons:
• Valid Photo ID
  One form of government-issued photo ID is required:
• Barbados ID card
• Passport
• Updated driver’s license (Expired licenses or receipts are not accepted)
  A photograph of the surety will also be taken at the time of signing.
• Proof of address – Utility Bill or Bank Statement

Please note the supporting documents should not be older than 3 months.

⚠️ Important Restrictions

• Spouses of borrowers cannot act as sureties
• Both parents living in the same household may not act as joint sureties for the same loan
• Replacing a Surety:
  • The loan account must be current and up to date
  • All new surety contracts must be signed and stamp duties paid before SRLF can officially release the original surety

📌 Surety Responsibilities

As a surety, you play an active role throughout the life of the loan:

• Stay Connected
  SRLF communicates regularly with both the borrower and the surety. It is your responsibility to keep your contact details (email, phone number, and address) up to date so you stay informed about the loan’s status
  • Joint Financial Responsibility
    You are legally responsible, alongside the borrower, for repaying the full loan, including interest and insurance.
    If the borrower cannot or does not pay, you will be required to cover the outstanding payments.
  • Commitment Duration
    Your responsibility continues until the loan is fully repaid. You cannot withdraw unless the borrower secures a suitable replacement and SRLF gives formal written approval.
  • Recovery Costs
    If SRLF needs to take legal action or engage in recovery efforts, you are also responsible for associated costs, including legal and administrative fees.
  • Consent to Information Sharing
    By acting as a surety, you authorize SRLF to access and share your credit, employment, and personal information with approved agencies as needed to support loan administration and repayment.

Your support as a surety helps make higher education more accessible for Barbadians. It’s a serious commitment, but also a powerful act of trust and partnership.

If you have any questions or would like more information before agreeing, we’re here to help. Please contact SRLF for guidance.