Hebrew Free Loan Association: Israel Emergency Loan Program
Hebrew Free Loan Association: Israel Emergency Loan Program
In light of the horrific situation in Israel, HFLA is launching an emergency loan program aimed at helping those members of our community who may need to send financial assistance to their loved ones in Israel but are unable to do so because of their own financial constraints.
Our “Israel Emergency Loan Program” is designed to provide quick and accessible support to members of our community who may not be able to access traditional credit. The goal is to empower community members to be able to send essential funds to loved ones in Israel who may be struggling to meet their basic needs during this difficult time.
Types of Loans Available:
We are offering two types of loans under our Israel Emergency Loan Program:
Emergency – This loan is for $1,000 and does not require applicants to undergo an interview or have a guarantor. If your application is approved, you will receive your loan funds within 48 hours of application (likely sooner). You will then repay your loan at a rate of $50 per month for 20 months (or until the loan is repaid in full).
Long Term – This loan is for $6,000 and requires you to undergo an interview with an HFLA volunteer. You will also need to have a Jewish guarantor who lives in British Columbia. Your application will be reviewed at one of our bi-monthly meetings (our next meeting is October 30th). If approved, your loan funds will be distributed about two days after our meeting. You will then repay your loan at a rate of $150 per month for 40 months (or until the loan is repaid in full).
How to Apply:
To apply, please visit https://form.jotform.com/232824232168252.
For More Information: We are here to help.
If you have any questions or need assistance with your application, please email our Executive Director, Joanna Wasel at jwaselhfla@gmail.com
In these difficult times know that our hearts, thoughts and prayers are with the people of Israel and all those who hold them dear.
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Anticipated Questions:
What is the Hebrew Free Loan Association of Vancouver?
The Hebrew Free Loan Association of Vancouver (HFLA) is a non-profit charitable organization that seeks to foster economic stability and opportunity amongst low and moderate-income members of the Jewish community in British Columbia.
What Does HFLA Do?
We provide access to affordable credit in the form of a 0% interest loan to help our borrowers overcome financial challenges.
Why Does HFLA do this?
Our mandate is based in Jewish tradition and our goal is to ensure that all members of our community can access financial support when needed.
How Does HFLA do this?
We use money donated by caring members of our community and lend it out to borrowers in need. We charge absolutely no interest or fees on our loans; borrowers are only required to pay back the amount borrowed and not a single dollar more.
Do I qualify for this loan program?
Before you begin our application, please make sure that you meet the following eligibility requirements:
You are Jewish
You reside in British Columbia
You are a Canadian Citizen, Permanent Resident or Convention Refugee
You are 19 years of age or older
As we are a charitable organization, access to our loans is reserved for members of our community in financial need. As resources are limited, applicants who can access affordable credit from traditional lending institutions should seek that route first.
If I am sending the money to family in Israel, who is required to repay this loan; me or them?
You will be the borrower and you will be the one who is legally required to repay the loan in full.
Is there really no interest or fees?
Really. We exist only to help and it is our honour to be able to do so.
