Personal loans are made for a maximum of ten thousand dollars ($10,000). 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.
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). For such a loan, 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.
When we have received your application, you will be contacted by a member of the Loan Committee to schedule a telephone interview with you, your spouse (if married), and all of your guarantors. Should a borrower fail to make payments on time or fail to complete payment of the loan, the Association will look to the guarantors for payment.
Guarantors cannot be current borrowers or guarantors of another loan from the Association. At least one guarantor, as well as the applicant, must be Jewish. Please, see the guarantor form for more information.