Hebrew Free Loan of New Jersey Application

Welcome and Instructions

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.

The 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 required.

- 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.

Guarantor information:

- 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.

The Applicant(s) have read and understand the above information

Please select a Loan Program

Amount Requested

$

Household Information

Header

Loan Program: General Needs Loan

Requested Loan Amount:

$

Loan Program: Building Jewish Families

Requested Loan Amount:

$

Loan Program: Business Loan

Requested Loan Amount:

$

Dependent Information

Number of Dependents

	Name	Age	Relationship
1st
2nd
3rd
4th
5th
6th

Loan Request Specifications

Header

Loan Program: General Needs Loan

Requested Loan Amount:

$

Loan Program: Building Jewish Families

Requested Loan Amount:

$

Loan Program: Business Loan

Requested Loan Amount:

$

Request Specifications

Purpose of Loan. Please be as specific as possible

Supporting Documents

Please upload copies of any bills that would help explain your individual circumstances

Short Description

Upload

Additional Information

Header

Loan Program: General Needs Loan

Requested Loan Amount:

$

Loan Program: Building Jewish Families

Requested Loan Amount:

$

Loan Program: Business Loan

Requested Loan Amount:

$

Household Financial Assets (Required Information)


Savings	$
Checking	$
Investments	$
Other Assets	$
Description of Other Assets

Estimated Monthly Household Expenses (Required Information)

Monthly Rent/Mortgage Payment

$

Education/Tuition

$

Medical

$

Credit Cards

$

Car Payments

$

Other Loan Information

Have you received a loan from Hebrew Free Loan of New Jersey in the past?

YesNo

Was it paid off?

YesNo

When was it paid off?

Have you received a loan from any other source in the last 3 years?

YesNo

Is this other loan outstanding?

YesNo

Describe the details of the loan including the name of the lender, outstanding balance and/or date it was paid off.

Building Jewish Families Loan Criteria Acknowledgment

Please read and acknowledge the below statments for consideration for the Building Jewish Families loan program.

Hebrew Free Loan of NJ is committed to helping members of our community build Jewish Families – one child at a time. The purpose of the Building Jewish Families program is to make interest-free loans available to qualified applicants who wish to build their Jewish family -- either through fertility treatments, surrogacy, and/or adoption. The Building Jewish Families Fund will provide interest-free loans to help defray the costs associated with fertility treatments, surrogacy, and/or adoption, with the express intention of helping to create Jewish families.

Below is the Loan Criteria for Building Jewish Families. It is the intention of Hebrew Free Loan of NJ that in providing these loans, it will be helping to create Jewish children, build Jewish homes, and strengthen Jewish families. All loan applicants must accept and agree to the criteria, which in the aggregate form the basis of the understanding of the loan agreement.

Loan Criteria:

1. Prospective parent(s) will be considered individually and jointly as “loan applicant(s)” and must complete all information on the loan application, agree to a thorough financial credit review, attend a personal interview, and sign all documents.

2. At least one prospective parent (loan applicant) must be Jewish.

3. Loan applicant(s) must be residents of the HFLNJ-covered community.

4. In the case of fertility treatments or surrogacy -- the loan applicant(s) must submit a letter from the treating physician that they are – or are planning to be -- under her/his care and eligible for treatment.

5. In the case of adoption -- the loan applicant(s) must submit a letter from the attorney or adoption agency that they are pursuing adoption.

6. Applicant(s) must provide two (2) qualified guarantors of the loan – both of whom reside in New Jersey.

7. Applicant(s) must acknowledge that it is the intention of Hebrew Free Loan to help to build Jewish families, and as such, that the children will be raised and nurtured in a home consistent with Jewish values and practices.

8. Applicant(s) understand and agree that repayment of the loan commences three (3) months after the loan is granted in accordance with the terms of the loan agreement.

9. The loan payback schedule will be in equal monthly payments for a period of up to forty-eight (48) months, in accordance with the terms of the loan agreement.

Applicant(s) agree to comply with all provisions of the loan agreement, and by signing this list of loan criteria, acknowledge their understanding and acceptance of the Loan Criteria.

I have read and agree to these loan criteria

Loan Application Acknowledgments/Certifications

Please note that all of these field are required to submit an application

I/WE CERTIFY THAT THE ABOVE STATEMENTS SUBMITTED FOR THE PURPOSE OF OBTAINING THIS LOAN ARE TRUE, CORRECT, AND COMPLETE

I/WE AGREE THAT HFLNJ MAY IN ITS DISCRETION MAKE ALL INQUIRIES IT DEEMS NECESSARY IN CONNECTION WITH THE STATEMENTS MADE HEREIN

I/WE UNDERSTAND THAT HFLNJ WILL CHECK MY CREDIT RATING AND THAT OF MY GUARANTOR(S)

I/WE AUTHORIZE ANY PERSON OR CONSUMER REPORTING AGENCY TO COMPILE AND FURNISH HFLNJ ANY INFORMATION IT MAY HAVE OR OBTAIN IN RESPONSE TO SUCH CREDIT INQUIRIES.

IF THE LOAN IS APPROVED, I/WE UNDERSTAND THAT HFLNJ MAY PROVIDE ANY AND ALL INFORMATION REGARDING THE LOAN TO ANY FINANCIAL INSTITUTION OR CREDIT REPORTING SERVICE UPON REQUEST