Need financial help with business development, job training, a car for transportation to work, adoption, summer camp, or emergency financial assistance? If you are a Jewish resident of San Diego, you may qualify for an interest free loan with us.
Thank you to http://www.g-dcast.com/mishpatim and their supporters for creating this video. From their website: "We know that giving is good. But how is interest like a snake bite? Parashat Mishpatim, sponsored by Hebrew Free Loan and narrated by Maharat Rori Picker Neiss, features the act of giving without interest — and a money-hungry serpent with other plans.It offers the question: When someone asks to borrow money, do we use that as an opportunity to help them, or do we use it as an opportunity to help ourselves, and make ourselves rich with tiny little snake bites of interest?
What is the Hebrew Free Loan? Hebrew Free Loans are given for business and personal needs related to Jewish continuity. Adoption, Jewish summer camp, emergency financial assistance, job training, and business development are just some of the goals that HFLA can assist with.
Do I Need to Have a Job? Not necessarily, but you must have the ability to repay the loan through some occupation or business and give some assurance that you are in a position to handle the repayments on schedule.
How Do I Apply? You'll need to fill out a form with questions such as: your name, address, occupation, place of employment (if employed), the amount of the loan requested and the reason for its need. All qualified applicants will be personally interviewed before a loan is authorized. To qualify, you must have a co-signer who lives in Southern California. To request an application, please call (858) 637-3206.
How Much Can I Borrow? Funds are limited. In order to meet all requests for a loan, the maximum amount that can be borrowed is largely governed by how much money is available and the amount you can repay on a monthly basis.
What Guarantees Do I Have to Provide? You must have a source of income and show you are able to repay the loan. You will have to sign a Promissory Note in the amount of the loan. This will detail the schedule of repayments and the amounts. The Association also requires you to provide co-signers as follows:
One co-signer for loans under $3,000 Two co-signers for loans above $3,000
Co-signers will have to fill out a statement and a guarantee in the amount of your loan. They will be contacted if you are in arrears with any of your scheduled payments.
How Long Does it Take to Obtain a Loan? The Loan Committee must first confirm your employment or your source of income and the financial status of your co-signers. The Loan Committee meets one time a month to assess applications. Emergency loans may be available within one week if all conditions are met.
Is My Loan Kept Confidential? Your loan is not a matter of public record, but your credit will be verified. If the loan is not repaid in good time, the Association reserves the right to use legal means to recover funds.
Is the San Diego Hebrew Free Loan Association a Charity? No. The purpose is to bolster the financial independence, dignity, and self respect of men and women in the San Diego Jewish Community. To help one fellow Jew overcome financial hardship strengthens the entire community.