Milwaukee no interest loans.
Financing for paying bills and basic needs is offered from the Milwaukee Jewish Free Loan Association. The non-profit uses donations from the community and partners organizations to provide assistance to families and individuals across the county. The no interest loans can be used to help pay for a number of different needs and expenses. Applications for interest free loans are reviewed as they come in, and the funds can be issued in as little as one or two days.
Borrowers can not only receive funds from the non-profit, but they will also receive self-sufficiency in the form of budgeting, case management, and referrals to employment resources if needed. The Jewish Association works with clients to offer them a hand up, and various services are available to those facing a short term hardship.
For individuals that qualify, the zero percent interest loans can be used to pay for different expenses and bills as approved by the Association. Examples of what MJFLA can help pay for are noted below, however there may also be other uses of the cash.
Emergency situations can be addresses. Financing from the Milwaukee Jewish Free Loan program can be used for paying rent, mortgage and security deposits. This can be handy when a family is facing an eviction or foreclosure.
Other types of bills that can be paid for include repairs to vehicles, childcare costs, and medical or dental expenses. So called special needs including eyeglasses, medical equipment, hearing aids, wheelchairs, and home improvements such as ramps can be assisted with from MJFLA funds.
There are also opportunity as well as catch up loans. These can be used to pay for job training or work clothing as well as to cover living needs for those with a short term reduction in their income. This is an option if the crisis will be very short term in nature.
Zero percent loans may be used to pay for college tuition, books, supplies, and educational living expenses. This can be for private or a public school in Wisconsin. Both students and those seeking a graduate degree are potential applicants. Find additional sources of college scholarship programs.
The terms of each no interest loan will vary. A case manager from the associate will meet with the applicant and review their request as well as financial condition. It is also important to note that this is only offered as a last resort, so clients need to have applied for other loans or grant programs at local banks r non-profits in Milwaukee.
In general, at most around $3500 will be paid out. There will not be any fees or interest charged to the borrower, but the Milwaukee Jewish Free Loan Association will require repayment. They may provide up to two years in some cases for that.
Applying for a interest free loan in Milwaukee
The borrower will need to meet with a coordinator from MJFLA to go over the application process as well as the program terms and conditions. Applications are only reviewed as they are submitted to the agency, so the process does take a little time, but can be approved in as short as one or maybe two business days. So if you are behind on your rent and facing imminent eviction or have a crisis, this may not be the best option. The borrower will also need to sign a Promissory Note and agree to all terms, including the repayment schedule.
A co-signer will be required to sign all forms as well. This individual will be jointly liable for the repayment of the loan if in fact needed. This is not a charity or grant type program, and in fact a borrower or co-signer will need to be employed and have some source of income. The Milwaukee Association is a non-sectarian agency that provides interest free financing and loans to people of all faiths, so there are not restrictions on that.
One option for students or Milwaukee County residents with education costs is the MJFLA Mark & Barbara Glazer Educational Loan Fund. It is focused on full time students. The recipient will need to have co-signers, maintain a certain GPA, and also be enrolled in an accredited, non-profit college or school. It covers applicants no matter where they go to school, either in or out of state.
An in person appointment will always be required in order to apply for one of these loans. To learn or to apply for a zero percent interest loan, MJFLA can be reached at 414-961-1500.