People from different backgrounds work for the multitude of Jewish non-profit organizations that make up our local community. The Hebrew Free Loan Association of Greater Washington (HFL) (Lender) is proud to provide zero-interest loans to qualified Jewish and non-Jewish borrowers who work for non-profit Jewish community institutions in the DC metro area (Borrower).
Maximum loan size is $5,000 and the borrower must be employed by the non-profit Jewish community institutions for at least two years. Each loan requires a guarantor. Please see more information below on the guarantor requirements.
Please note: confidentiality and dignity are critical parts of this process. Though we ask for the borrower organization and supervisor, that person will not be contacted unless there is explicit consent from the applicant.
Payment Terms
Payment terms: Loan repayments begin on the first of the month after funds have been disbursed. Loans are maximum $5,000 and are to be repaid over a 25 month period. Monthly repayments vary based on loan size but are maximum $200 per month. Repayment amounts are small for smaller loans.
Guarantor
All Jewish Communal loans require one guarantor to co-sign on the loan. The guarantor must meet the following criteria:
Income of at least $70,000
Each must complete the guarantor form in full
Your employer may serve as your guarantor
Preferred if the guarantor resides in the DC Metro Area but not required
Application Process
Loan applications are considered complete once you and your guarantor submit fully completed applications
Once loan is complete, you will be contacted to schedule a phone interview
Following your interview, your application will be presented to the Executive Committee for review and approval
If the loan is approved, you and your guarantor must sign a promissory note and then the funds are disbursed
Application Form
Hebrew Free Loan Association of Greater Washington
