Overview

Surety Requirements

• The proposed surety cannot have an existing loan with the SRLF.
• The proposed surety must be at least eighteen (18) years of age and no older than sixty (60) years of age at the time of signing the contract.
• Where only one surety is applicable, i.e. loans for $30,000 or less the following shall apply:
  • For loans less than $20,000 the annual income requirement for a surety shall be no less than $20k
  • For Loans of $20,000 up to $30,000 the annual income shall be no less than $30k.
• In instances where two (2) sureties are applicable, i.e. loans greater than $30,000 up to a maximum of $50,000 the following shall apply:
  • The combined income of the two sureties shall be no less than $60k. Please note that the annual income of any one of the sureties must be no less than $20k.
• The surety or sureties must have been gainfully employed continuous basis for a minimum period of a year or on a cumulative basis for at least two years.
• Sureties must be citizens of Barbados, residing and employed in the island.
• Have a credit rating that meets the SRLF credit rating guidelines.
• Evidence of income must be provided:
  • For Employed persons - Pay slip and a Job letter.
  • For Self-Employed Persons - Financial Statements and an Affidavit confirming Income & Expenditure of the business from an Attorney-at-law, Justice of Peace, Minister of Religion, or your Personal Accountant.
• Provide to the SRLF on the prescribed form, a statement of income and expenses along with a statement of net worth.
• Both parents living in the same household shall not be permitted to act as surety for the said loan.
• Spouses of borrowers are not allowed to act as sureties.
• Two valid Government Approved IDs bearing a photo of the Surety and national registration number eg updated driver’s license (NB an expired card and accompanying receipt is NOT valid ID), Barbados ID card, passport. A photo of all Sureties will be taken at the time of signing of the contract.

Before an existing surety can be replaced, the loan must be current and all new contracts executed before the existing surety is released.