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 twenty-five thousand dollars ($25,000), student loans are made for a maximum of five-thousand dollars ($5,000).
Q: Who qualifies for a student loan?
A: Student loans are available only if the student is in the junior or senior year of college or in a full time graduate school or trade school program. The maximum amount for a student loan is five thousand dollars ($5,000).
Q: How is the student loan different from a personal loan?
A: A student loan 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.
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 more than $10,000 are payable over a 42-month term in equal installments.
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 $40,000/year. Guarantors cannot be current borrowers or guarantors of another loan from the Association. At least one guarantor must be Jewish.