The Basics

Do you have to be Jewish to get a loan?

We do not care if you go to a mosque on Friday, a synagogue on Saturday, or a church on Sunday. We do not care if you don’t go to any of these places. Our focus is on helping people in need: students trying to graduate college, women fleeing domestic violence, veterans needing a car.

We do not discriminate based on race, religion, ethnicity or gender.

What does “free” mean?

Free means interest-free and no fees.

Borrow $500; repay $500. Period.

So what’s the catch?

Since we do not require collateral to get a loan and we are not going to penalize you by charging huge amounts of interest upon repayment, we have a different standard.

Our standard is a relationship: We believe in you and the people who agree to be your guarantors, they believe in you too. Having said that, we need to meet you. That is it.

Do borrowers take the money and run?

No. 99.5% of the time, people who borrow from Jewish Free Loan pay it back.

Our borrowers are grateful to be able to get a loan without collateral and to be treated with dignity. Our borrowers are proud to pay it forward to help someone else. This has been true since 1904 so, we know it works.

Just to be sure, what are the fees associated with a loan from Jewish Free Loan Association?

None. Nada. Af echad. Aucun. Nikto. Hichee. Eobs-eum.

Jewish Free Loan Table of Fees
Application fee $0
Underwriting fee $0
Processing fee $0
Credit report fee $0
Recording fee $0
Notary fee $0
Loan origination fee $0

Do you have to live in Los Angeles to get a JFLA interest-free loan?

Yes, borrowers must show proof of residence, for at least six months, in Los Angeles or in Ventura County.

By the way, Jewish Free Loan is the only interest-free lending organization in all of greater Los Angeles.

How much money can I get?

Loan amounts vary greatly depending on the specific need and loan program.

What is the minimum loan amount you offer?

No minimum loan amount. We are here to help.

Think about this: banks and other lenders cannot often afford to make small loans because of processing time and the need to show a profit.

What don’t you give loans for?

Jewish Free Loan does not offer loans for the following:

Borrower Requirements

Do I need good credit to get a loan?

We are here to help people who may not have great credit scores but do have the ability to pay back a loan. At Jewish Free Loan , the burden of having a good credit score falls to the guarantor. Your guarantor(s) must have income and a credit score of at least 680. This is how we secure loans without collateral.

You need to have steady income. Usually, this means, you are currently working and earning money.

May I apply for two different types of loans at one time?

No, Jewish Free Loan can only offer one loan to one borrower at one time.

Can my spouse apply for a loan too?

No. Married couple = one borrower.

If you are legally separated from your spouse, and have two separate tax returns, then you can be regarded as two individual borrowers.

Why do I need a guarantor?

Guarantors are required – instead of collateral- to guarantee the loan. This setup enables Jewish Free Loan to secure the loans.

We do not accept any other forms of collateral. There are no exceptions.

Do I need one or two guarantors to get a loan?

Loans up to $3,500 require one guarantor.

Loans over $3,500 always require two guarantors.

Check individual loans for specific guidelines.

What are the guarantor requirements?

Guarantors must:

Do my guarantors have to come with me to my appointment?

No. Guarantors are not required to come with the borrower to the appointment.

Guarantors fill out forms on their own time.

Can married guarantors each sign as a separate guarantor?

No. Married couple = one guarantor.

If you are legally separated from your spouse, and have two separate tax returns, then you can be regarded as two individual guarantors.

Can my wife or husband guarantee me?

No. Since married couple = one borrower, a spouse cannot guarantee a loan for the other spouse.

Can my guarantors sign on two different loans?

No, we do not allow guarantors to sign on two different loan applications. There is one exception to this rule when parents, with good credit and steady income, want to guarantee loans for two of their children.

The Process

How long does it take to receive the loan?

Jewish Free Loan can begin to process your loan upon receipt of all necessary documents. Failure to submit all the necessary paperwork will delay the processing of your loan.

Once we receive all the required loan documentation (guarantor forms, copies of drivers’ licenses, and anything else), it takes 7 to 10 days for processing.

All loan requests are subject to approval. Loans are not pre-approved or guaranteed.

Do you accept walk in applicants?

For security reasons, we cannot accept walk-in loan applicants at the main office or at our valley location. However, walk-in clients are welcome at Magnolia Place.

Please call or email the main office to schedule an appointment with a member of our team.

Is it necessary to have an in-person interview to receive a loan?

Yes, the interview is essential. Our loan is not an anonymous loan.

Since we do not require collateral to get a loan and we are not going to penalize you by charging huge amounts of interest upon repayment, we have different standards.

Our standard is a relationship: We trust you and the people who agree to be your guarantors, they believe in you too. Having said that, we want to meet you.

Please note that in some cases, we can arrange a Skype or Facetime interview to alleviate the burden of traveling to our offices.

What do I need to bring with me to my appointment?

Identification
California ID Driver’s license, state issued ID
Social security card Social security card or statement with social security number
Proof of income Pay stub, bank statement
Proof of rent Lease, cancelled check, bank statement
Proof of need for loan Estimate, proof of enrollment, three-day notice, past-due bill

How long is the appointment?

Appointments typically run 20-25 minutes. Due to strict building security and possible delays, please allow at least one hour for appointment, parking, and security.

When do I start to repay my loan?

Repayments start 30-45 days after the loan is approved.

How do I repay my loan?

Can I renew my loan before I pay it off?

No, but student loans are renewable, so check the dates with a member of our team.

Once I repay my loan, can I get another loan?

Yes, after a one-month waiting period, you may apply for another loan.

How can I sign up for automatic deduction on my checking account?

Download the Auto Deduction form and follow the directions.

At Jewish Free Loan, we rely on guarantors instead of collateral to secure your loan. A guarantor is someone who can guarantee to pay back the loan if you do not. A guarantor is at least 25 years old, lives in California and has a credit score of 680 or better. A friend, family member or employer are examples of a guarantor.