Hebrew Free Loan Association of Greater Washington is proud to provide zero-interest loans to qualified Jewish borrowers in the DC metro area.
HFL offers general personal and business loans. Personal and business loans are generally offered for a maximum of $20,000. Loans to students are also available to undergraduate students who are junior or seniors and graduate students for a maximum of $15,000 ($7,500 at the time of signing, $7,500 one year later, assuming the borrower is still enrolled in school and has good repayment history). All loans are subject to review of the borrowers ability to repay and require 1-2 guarantors.
Loans to launch or grow a business require a business plan to be submitted for review.
Loan repayment begins on the first of the month after the funds have been disbursed. Repayment amounts for traditional loans:
Loans of $5,000: $200/month for 25 months
Loans of $7,500: $250/month for 30 months
Loans of $10,000: $280/month for 36 months
Loans of $15,000: $420/month for 36 months
Loan of $20,000: $500/month for 40 months
Repayment amounts for loans to students:
Loans of $5,000: $25/month for 25 months, $175/month thereafter
Loans of $10,000: $50/month for 25 months, $245/month thereafter
Loans of $15,000: $50/month for 25 months, $400/month thereafter
Guarantors
All loans require guarantor(s) to co-sign on the loan. Guarantors are in addition to the borrower. A borrower (or their spouse) cannot serve as guarantor for their loan.
Loans up to $10,000: 1 guarantor
Loans over $10,000: 2 guarantors
Guarantors must meet the following criteria:
Net income of at least $70,000
At least one must be Jewish
Be willing to cover the remaining value of the loan if the borrower is to miss payments
Cannot be borrowers or guarantors for another HFL loan
Each must complete the guarantor form in full
Guarantors cannot be married to the borrower or to one another
It is preferred that at least one guarantor is local, but this is not required; guarantors must be US citizen
Please note: by serving as a guarantor, you and your spouse are not eligible to apply for a HFL loan until the original loan is repaid in full. Please keep this in mind before agreeing to serve as a guarantor.
Process
Loan applications are considered complete once the borrower and guarantor(s) submit fully completed applications
Borrower will be contacted for a phone interview regarding the loan request
Following the interview, the application will be reviewed by HFL
If the loan is approved, the borrower and guarantors will sign the promissory note and funds will be disbursed
For additional questions, please contact Shuli Tropp, Executive Director, at [email protected] or 301.859.0346. *The loan committee reserves the right to authorize a different amount than that which is requested
Hebrew Free Loan Association of Greater Washington
