Frequently Asked Questions

HOW MUCH DOES IT COST TO APPLY FOR AN HFL PERSONAL LOAN?
There is no fee to apply for an HFL personal loan.

HOW MUCH INTEREST IS CHARGED ON HFL PERSONAL LOANS?
HFL personal loans are interest-free.

WHAT IS THE MAXIMUM AMOUNT I CAN BORROW?
The maximum amount of an HFL personal loan is $7,500, with some exceptions.

WHEN WILL I KNOW IF MY LOAN IS APPROVED?
You will know on the day of your interview if your loan is approved, and you will sign a promissory note for the amount of the loan.

IF I AM MARRIED, CAN MY SPOUSE ACT AS A CO-SIGNER ON MY HFL PERSONAL LOAN?
If you are married, both you and your spouse will be co-borrowers on your loan. You would need to have other people as the loan co-signers.

WHO MUST SIGN MY PROMISSORY NOTE?
In addition to your spouse (if you are married), two qualified co-signers must sign the promissory note. Hebrew Free Loan must approve all co-signers.

I AM A CO-SIGNER FOR AN HFL LOAN THAT IS BEING PAID BACK. CAN I APPLY FOR AN HFL PERSONAL LOAN?
If you are a co-signer on an HFL personal loan that is being repaid, you may not apply for an HFL personal loan until your co-signed loan is paid in full.

HOW MUCH TIME DO I HAVE TO REPAY MY LOAN?
Loan repayment terms are based on the loan amount and typically are from one to three years. Special circumstances that require longer terms will be discussed during your interview.

I AM CURRENTLY PAYING BACK AN HFL PERSONAL LOAN. CAN I APPLY FOR ANOTHER ONE?
If you are repaying an HFL personal loan, you may be considered for an additional loan. Please contact Hebrew Free Loan at 248.723.8184 to discuss your situation.

I PREVIOUSLY HAD AN HFL PERSONAL LOAN AND PAID IT OFF IN FULL. CAN I APPLY FOR ANOTHER ONE?
If you have paid off an HFL personal loan, you may be considered for an additional loan. Please contact Hebrew Free Loan at 248.723.8184 to discuss your situation.

I CURRENTLY HAVE A LOAN FROM THE WILLIAM DAVIDSON JEWISH COLLEGE LOAN PROGRAM (WDJCLP). CAN I APPLY FOR AN HFL PERSONAL LOAN?
If you have a WDJCLP college loan, you may be considered for an HFL personal loan. Please contact Hebrew Free Loan at 248.723.8184 to discuss your situation.

I CURRENTLY HAVE A LOAN FROM THE MARVIN I. DANTO SMALL BUSINESS LOAN PROGRAM (MIDSBL). CAN I APPLY FOR AN HFL PERSONAL LOAN?
If you are repaying an MIDSBL business loan, you cannot be considered for an HFL personal loan. Please contact Hebrew Free Loan at 248.723.8184 to discuss your situation.