Personal Loans

Hebrew Free Loan is committed to helping Jewish residents of Michigan improve their lives. With dignity, respect, and confidentiality, Hebrew Free Loan can help ease your financial stress.

Loan Process

The first step to applying for a Hebrew Free Loan personal loan is to submit an online application (or, if you prefer, you may call Hebrew Free Loan at 248.723.8184 to have a staff member enter your information for you).  The office will contact you to schedule an interview with two members of Hebrew Free Loan’s board of directors. You (and your spouse, if applicable)  will be asked to provide a copy of your driver’s license. If your loan request is approved, you, your spouse and your co-signers will be required to sign a promissory note.

Eligibility Requirements

Hebrew Free Loan personal loan applicants must be Jewish, at least 18 years old, and have permanent residency in Michigan. Applicants must demonstrate both the need for the loan and the ability to pay it back within the timeframe established by Hebrew Free Loan.

Co-signer Requirements

Hebrew Free Loan personal loans require two co-signers who are Michigan residents, employed or not living on a fixed income, and have a good credit history. Some exceptions may apply.

Once a loan request is approved, loan co-signers must complete an application, authorize Hebrew Free Loan to run a credit report check and sign the loan promissory note. Click here for detailed information.

Loan Repayment

Monthly payments on Hebrew Free Loan personal loans start 30-45 days after the loan is issued. Payment terms are discussed and finalized during the loan interview with Hebrew Free Loan’s board members. Loan payments may be made by check, by cash or money order delivered directly to the Hebrew Free Loan office, or by automatic, monthly deductions from your checking account.

Confidentiality

Hebrew Free Loan does not disclose your personal information to anyone, except as permitted by law and/or as authorized by you. We continue to adhere to this privacy policy after your loan account has been closed. However, Hebrew Free Loan may discuss your loan payments with your co-signers at any time. All members of Hebrew Free Loan’s board of directors are also bound by this confidentiality policy.

Online Application

Please complete the online application to the best of your ability. Upon submission of your application, a Hebrew Free Loan staff member will contact you to review your request and schedule a loan interview with two members of our board of directors.

If you prefer not to complete an application online, please call the Hebrew Free Loan office at 248.723.8184 to have a Hebrew Free Loan staff member enter your information for you.

Please note that the application for the William Davidson Jewish College Loan Program is available at www.jewishcollegeloansmi.org.

To apply to the Marvin I. Danto Small Business Loan Program, contact Rob Schwartz at rschwartz@hfldetroit.org or 248-882-7909.