Attached are the forms needed to apply for a
loan from Hebrew Free Loan of New Jersey (HFLNJ). HFLNJ provides interest free loans to members
of the Jewish community living in the areas served by the Jewish Federation of
Greater MetroWest, the Jewish Federation of the Heart of NJ, Bergen County, and
Passaic County. The purpose of the loan must be to address current and emerging
financial needs. HFLNJ may require an applicant to submit documentation or
proof of statements contained in the application, and reserves the right to
verify any information submitted.
following parameters apply for a loan from HFLNJ: (Please note that HFLNJ
reserves the right to change any parameter as needed)
Personal loans are typically
offered up to $7500; loans above $2000 require one guarantor, who is a NJ
resident; loans above $5000 require two guarantors who are NJ residents.
Home improvement loans are offered
up to $15,000 with a requirement for two or more guarantors who are NJ
residents. Documentation of the improvement costs must be provided.
Building Jewish Business loans are
offered up to $25,000 with a requirement for two or more guarantors who are NJ
residents. Submission of a business plan and financial information is
Building Jewish Families loans are
offered for infertility treatments, surrogacy, and adoption, with a requirement
of two guarantors who are NJ residents. Documentation of medical treatment or
process is required.
A guarantor must be a NJ resident,
21 years or older.
A guarantor (and spouse/domestic
partner, if any) must sign the loan documents and fill out the personal
information page. In certain circumstances the documents may require a notary.
A guarantor is immediately liable
for payment of the entire unpaid balance and any collection expenses when the
borrower defaults on the loan.
The Promissory Note is the legal agreement
between the applicant and HFLNJ. The Promissory Note is signed by the
applicant, and, if required, guarantors and their respective spouse/domestic
partner, if any.
HFLNJ reserves the right to verify the
information on any Guarantor Information Page.
A guarantor may not be a member of the clergy or on active duty in the
military. A person may not be a borrower
and a guarantor at the same time.
After a loan is granted, there is a grace
period of approximately 3 months given before repayment begins. The repayment
for a loan is generally a two to three year term.
If you have any questions regarding this application,
and you are a Greater MetroWest resident or unsure of your eligibility please
call Hebrew Free Loan at 973-637-1739. Monmouth County residents, please call
Hebrew Free Loan at 732-774-6886, ext.13; Middlesex County residents please
call 732-777-1940. For residents of the Greater Paterson area, please call (201)-791-8395.
All applications are handled with the highest
level of confidentiality.