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In response to the COVID-19 crisis, all loans applications are being processed electronically and the client interviews are taking place by Skype or Facetime.
JFLA makes loans, in part, to the generosity of Cedars Sinai, Councilmember David Ryu, Supervisors Mark Ridley Thomas and Sheila Kuehl.
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The Basics

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?

Due to the Covid-19 pandemic, you can get up to $6000 for an Emergency loan, $18,000 for Small Business loans, and $3,500-$10,000 for Student Loans and up to $15,000 for IVF.

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. Furthermore, 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 interest upon repayment or fees for service.

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 have a virtual meeting.

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. Borrowers know that if they repay their loan, someone else just like them can get one too. This has been the JFLA way since 1904.

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

None. Nada. Af echad. Aucun. Nichego. 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

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:

  • court or legal fees
  • back taxes
  • parking and traffic tickets
  • travel expenses (except for Israel Gap Experience)

Borrower Requirements

Do I need good credit to get a loan?

Emergency loan borrowers need a guarantor with a good credit score, usually 680 or better. Usually, the borrower has steady income.

Small Business loan applicants need to have good credit as well as their guarantors.

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?

Covid-19 Special Circumstances

Emergency loans up to $3,000 require one guarantor.

Small Business loans up to $18,000 require two guarantors.

Check individual loans for specific guidelines.

What are the guarantor requirements?

Guarantors must:

  • Have good credit
  • Have steady income
  • Be 25 years of age or older
  • Be a permanent resident of California
  • Have no current activity with the Jewish Free Loan as borrower or guarantor.
  • Not be on active military duty.
  • Be willing and able to repay the loan if the borrower is unable to repay fully.

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 has the process changed during the Covid-19 pandemic?

The entire loan process is now electronic. Apply on line, upload documents, email with our team, interview by Skype, and receive your loan through direct deposit.

How long does it take?

It mostly depends on you.

We can only begin to process your loan once all required documents are received. Incomplete applications will be sent back to you for missing items.

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

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

How long is the Skype interview?

All interviews are being done via Skype or Facetime and last about 20 minutes.

What do I need to have for my interview?

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

When do I start to repay my loan?

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

How do I repay my loan?

  • check
  • money order
  • auto-deduct checking account

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.

Loans Made
New Loans a Year