Loan Guidelines

Hebrew Free Loan Association of Greater Washington is proud to provide zero-interest loans to qualified Jewish borrowers in the DC metro area.

HFLAGW offers personal and business. Personal and business loans are generally offered for a maximum of $10,000. Loans are also available to undergraduate students who are junior or seniors and full time graduate students for a maximum of $5,000 ($2,500 at the time of signing, $2,500 one year later, assuming the borrower is still enrolled in school and has good repayment history).

Payment terms: Loan repayment begins on the first of the month after the funds have been disbursed.

  • 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 to students of $5,000: $25/month for the first 24 months, $175/month after that.

Guarantors: All loans require guarantor(s) to co-sign on the loan.

  • Loans up to $7,500: 1 guarantor
  • Loans over $7,500: 2 guarantors

Guarantors must meet the following criteria:

  • Net income of at least $70,000
  • At least one must reside in the DC Metro Area and 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 HFLAGW loan
  • Each must complete the guarantor form in full

Process:

  • Loan application are considered complete once the borrower and guarantor(s) submit fully completed applications
  • Completed applications are reviewed by HFLAGW
  • Borrower will be contacted for a phone interview regarding the loan request
  • Following the interview, the application will be reviewed by HFLAGW
  • If the loan is approved, the borrower and guarantors will sign the promissory note and fund will be disbursed

Ready to apply?

For additional questions, please contact Shuli Tropp, Executive Director, at shuli@hebrewfreeloandc.org.

*The loan committee reserves the right to authorize a different amount than that which is requested