For your convenience, our most common questions are answered right here.
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Q: Are these loans only for Jews?
A: Yes. The mission of the HFLAGW limits us to only providing assistance to Jewish members of the DC Metro community.
Q: Do you loan to people outside the DC Metropolitan area?
A: No. Our loans are for locals only.
Q: What is the maximum I can borrow?
A: Personal loans are made for a maximum of fifteen thousand dollars ($15,000), loans to student are made for a maximum of five thousand dollars ($5,000).
Q: Which students qualifies for a loan?
A: Loans are available to undergraduate students is in their junior or senior year of college or to full time graduate or trade school students. The maximum loan amount for a student is five thousand dollars ($5,000).
Q: How are personal loans different than loans to students?
A: A loan for a student is disbursed in 2 parts, the initial check for twenty-five hundred dollars ($2,500) is issued when the loan is approved. After the borrower has made the first twelve monthly payments of twenty five dollars ($25) each in a timely manner, and upon notification to the Association by the applicant, a second check for twenty-five hundred dollars ($2,500) will be issued. After the borrower has made the next twelve monthly payments of twenty five dollars each, the balance of the loan must be repaid at one hundred seventy-five dollars ($175) per month until the loan is repaid. Personal loans are paid out in full at the time of approval.
Q: How long is the repayment period of a personal loan?
A: Personal loans of $5,000 are payable over a 25-month term at $200 per month. Loans of $10,000 are payable over a 36-month term at $280 per month, Loans of $15,000 are payable over a 36-month term at $420 per month.
Q: What is a guarantor?
A: A guarantor is an individual (spouses are not permitted) who is obligated to pay back the remainder of the loan if the borrower defaults.
Q: Who is qualified to be a guarantor?
A: Guarantors must show an income of over $70,000/year. Guarantors cannot be current borrowers or guarantors of another loan from the Association. At least one guarantor must be Jewish and live in the DC metro area. Read more about guarantors here.