The Jewish Interest Free Loan is a source of interest-free loans to individuals and families who are looking to borrow money urgently and may not be able to qualify for a loan through traditional lenders. Loans are offered interest-free to promote a sense of self-sufficiency for borrowers and assist those in need whilst giving them dignity to repay and lead a more responsible life.
The Jewish Free Loan Association (JFLA) is the only interest-free lender in the Los Angeles county area and has an annual client base of 1,100 community members.
Do You Need To Be Jewish To Be Eligible?
No, you do not have to be Jewish in order to be approved for a loan with the JFLA. It is a community based operation designed to help the wider Los Angeles community.
The motivation is to offer free loans and help those in financial hardships, rather than allowing households to resort to other high cost alternatives, such as payday loans near me, pawn brokers, loan sharks or the stress that comes with asking family for money.
Am I Eligible For a Jewish Interest Free Loan?
There are a number of simple criteria which you must meet to be eligible for a loa with the JFLA:
- You must be able to prove you are in need of a loan. For example, have a medical bill, a letter from a landlord or similar.
- You must be at least 18 years old.
- You must have a social security number.
- You must be a resident of Los Angeles, Ventura, and Santa Barbara county.
- You must have a form of state-issued ID from California, like a driver’s license.
- You must have a stable source of income, or you are a full-time student applying for a student loan.
- You must have a guarantor, or multiple guarantors, to secure your loan and give assurance to the JFLA that the loan can be repaid.
If you meet the above requirements you are able to begin an application for an interest-free loan to help you get back on your feet.
What Could A Jewish Interest Free Loan Be Used For?
Before you apply for an interest-free loan you should consider what you will use the loan for. The money borrowed should not be used for frivolous spending but instead should be used for emergencies and unexpected costs including housing repairs, medical and dental bills, education fees, children with special needs and small business assistance.
Many customers can use this free loan as an alternative for people looking for payday loans near me - and instead can borrow money interest free to help get back on their feet, rather than being caught in a spiral of debt.
How Do Repayments Work For My Jewish Interest Free Loan?
The repayment terms of your interest-free loan will be discussed with a member of the JFLA team however in simple terms: you pay back exactly what you borrow.
Repayments begin between 30 and 45 days after the loan check is issued to you, and direct deposit and auto-deduction from your account make monthly loan repayments as simple and hassle-free as possible.
How Much Can I Borrow With an Interest Free Loan?
The amount you can borrow ranges from $1,000 to $15,000 for personal and emergency loans. For fertility loans you can borrow up to $20,000 and small business loans of up to $36,000.
You are required to have a guarantor to secure your loan and this is one of the eligibility requirements. Guarantors, instead of fees, give JFLA the assurance of repayment. A guarantor is a friend or relative who can agree to pay back the loan if you are unable to meet your repayments.
There are a few requirements for your guarantor:
- They must be over 25 years old, a resident of the US and have a stable income and have a credit score of 620+
- They must be in possession of a state issued ID, proof of their income and a credit check will be carried out
They cannot have an open loan with JFLA and cannot currently be acting as a guarantor
- If they are married, the spouse of the guarantor will also need to sign the legal loan documents and provide a state issued ID and proof of their income
Simple Step Process To Get a Jewish Interest Free Loan
Here are the 5 steps to a Jewish Free Loan:
Step 1: Fill Out A Loan Application Form.
Applicants must fit the eligibility criteria including being residents of Los Angeles or Ventura county and being over the age of 18.
Step 2: Organize a Meeting With A Member Of The JFLA.
You will be required to have a simple virtual interview before completing some electronic paperwork.
Step 3: Your Guarantors Will Sign Their Forms.
Once your guarantors have completed and signed the forms they will be uploaded to your JFLA account.
Step 4: Wait To Hear Back.
A member of the team will inform you if your loan application has been approved. You will then receive a loan check into your account by direct deposit.
Step 5: Start Making Your Monthly Repayments.
30 to 45 days after your loan check is received you will begin making your repayments.