HFLA borrowers are typically low and moderate income individuals who live in the Greater Baltimore area. They can be facing a financial need or expense – be it surgery, tuition, moving expenses or a rent deposit, small business, medical treatments, the purchase of a used car, or a range of other needs – that they currently can’t afford. The HFLA personal loan applicant must be Jewish, at least 18 years old, reside in the Greater Baltimore area, show the need for the loan, and most importantly, demonstrate the ability to pay the loan back within the timeframe established by the HFLA.

To apply for a loan, you will need to submit an application either online, download an application and fill out, or fill out an application in person at the HFLA office (Thursday evening between 7pm-8:30pm). You will then need to meet with (one or two) members of the HFLA board of directors. If approved, you will return with cosigners (if applicable) and sign a promissory note to receive your loan.

HFLA personal loans are interest-free.

The typical amount of an HFLA loan ranges from $1,000 to $10,000, with some exceptions (most loans are between $3,000 and $5,000).

You will know on the day of your interview if your loan is approved.

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.

You can repay your loan via online banking or by mailing in a check to the HFLA office or by bringing a check (or cash) into the office on Thursday evenings between 7:00pm and 8:30pm, or by paying on the website via Paypal.

The HFLA 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, the HFLA may discuss your loan payments with your cosigners at any time. All members of the HFLA board of directors are also bound by this confidentiality policy.

Co-signers play an integral role in supporting our lending model. Most loans are repaid by the loan recipients, but cosigners make our loans more secure by ensuring repayment even if unexpected events cause the recipient to default. In our experience, loan recipients are all the more compelled to repay their loans when they know their friends and relatives are counting on them to do so.

Generally one cosigner is needed for every $1,500 loaned. Exceptions are often made especially for larger loans.

Cosigners should be home owners in the Greater Baltimore area with a steady source of monthly income. All parties to an individual home title must agree to be responsible for the loan, and are counted as one cosigner.  Therefore, in a typical family, if both the husband and wife have their names on the title to their house, then they together are considered just one cosigner for the loan

No. Due to community property laws in Maryland, you and your spouse are jointly responsible for the loan.

Yes, as long as they meet the basic cosigner requirements.

No. Co-signers fill out a short information form and sign the borrower’s promissory note.

No. If you are a current loan recipient, you may not cosign a loan.

Yes. Co-signers are entitled to full disclosure on the details of the loan, including the loan’s current balance, the monthly repayment rate, the estimated loan repayment date, and the names of the other cosigners. You may call us to request this information at any time.

Each cosigner can be held responsible for the full amount of the loan.