There is no fee to apply for an HFLSD loan.
We will ask that you provide a self-credit report, tax documents, recent paystubs, and potentially additional documentation depending on loan type.
HFLSD personal loans are interest-free.
The maximum amount of an HFLSD loan is $20,000, with some exceptions.
You will know within one week after your interview if your loan is approved, and you will then sign a promissory note for the amount of the 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 guarantors.
In addition to your spouse (if you are married), two qualified guarantors must sign the promissory note. Hebrew Free Loan of San Diego must approve all guarantors.
If you are a guarantor on an HFLSD loan that is being repaid, you may not apply for an HFLSD loan until the loan you guaranteed is paid in full.
Personal loans 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.
HFLSD requires guarantors on our loans to ensure that we can continue to help people in the San Diego Jewish community! Guarantors serve as our form of back-up, in the event that a borrower defaults on a loan. When you borrow money from HFLSD, you only pay back what you borrow. We do not charge interest; therefore, we do not generate any money from the loans that we grant. We exist solely on donations, grants, and our loans being paid back. Repayment ensures that HFLSD can continue servicing the community in the future!
Of course! Asking for a guarantor on a loan is nothing to be embarrassed about. Everyone needs help at some point in their lives, and chances are that there is someone in your life who will understand your situation and be willing to help you. A guarantor is a person who will help you help yourself through an interest-free loan. When asking someone to co-sign you may want to consider the following:
If a borrower is late on payments or has stopped making payments, guarantors will be notified by phone, email, and mail. Once a loan is paid in full, guarantors will receive written documentation that the loan has been repaid.