How do I get started?
Who is eligible?
You must be a resident of Allegheny, Washington, Westmoreland, Beaver, Butler, or Armstrong County and have a source of income in order to repay the loan.
Loan eligibility is based on twice the Area Median Income. Currently that is:
Family Size Area Median Income2x AMI (HFL eligible) Single person $56,000 $112,000 Family of 2 $64,000 $128,000 Family of 3 $72,000 $144,000 Family of 4 $78,000 $156,000 Family of 5 $86,300 $172,600
How much can I borrow?
HFL makes loans up to a maximum of $10,000. Loan amounts vary depending on the need and purpose. You will need to provide written evidence of the need (e.g., a tuition bill, an estimate for a home repair, etc.).
How does the application process work?
You may submit an application online. The office staff will call you to follow up, answer any remaining questions, and — if appropriate — schedule you to meet with a Loan Committee on a Tuesday night. You must bring photo identification, proof of your income, and evidence of your need for the loan. You will then have a confidential meeting with a Loan Committee made up of three or four Hebrew Free Loan Board members. They will seek information about your need for the loan as well as your ability to repay a loan. The committee will approve or deny the loan.
How much time do I have to repay?
Loan repayment typically begins 30 days after the loan is issued. The terms of repayment are based on the loan amount and individual circumstances of each borrower. Typically loans are repaid in two to three years. The Loan Committee will discuss this with each applicant and determine a comfortable repayment schedule.
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.
How long does it take to receive my check?
If all the paperwork and signatures are in order on the night of the Loan Committee meeting, you may receive your check that same night!
How else can I support Hebrew Free Loan?
You can make a donation today to help Hebrew Free Loan to help others. Hebrew Free Loan began with a few community members donating money to help their peers, and it continues to operate in the same way today. A donation to Hebrew Free Loan is unique in that, in a way, it lasts in perpetuity. As a borrower repays a loan, that money is then “recycled” and used to fund another loan.