No interest loans in New York City
The New York City based Hebrew Free Loan Society can provide 0%, interest free loans as a form of financing to qualified borrowers. While some of the programs are offered regardless of religion, others will be focused on certain individuals. The no interest loans can be used for a variety of reasons, including to pay bills in an emergency, provide for educational or employment expenses, and more. Find details how to get an interest free loan in the NYC area
The objective is to help families both obtain and maintain long term self-sufficiency. This means the money can pay for an emergency bill, but the main goal is to pay for expenses that help people achieve long term economic stability.
Loans are provided by the from the Hebrew Free Loan Society
While some of the financing is restricted to members of the Jewish community, other loans may be issued to individuals or families on a non-sectarian basis (meaning people in NYC of any religion). Some of the financing can even go to people who would otherwise not have access to affordable credit, including bad credit borrowers who need a loan in the city. Or it can be an alternative to people for whom interest rates, such as on credit cards or from payday lenders, would be prohibitive. The society and the services offered are a solid alternative to what many banks or other lenders offer consumers.
Borrowers only need to pay back the exact amount that is provided to them -no interest is due. There are no additional fees or charges, and there is no fine print. The repayment schedule will normally require the borrower to pay back an agreed upon portion of the loan each and every month. But the terms of this can vary as well, however if not able to borrow there are other charities with interest free loans.
While each application will be reviewed by the New York Hebrew Society on a case by case basis, in general the loans will be offered from about one to 10 years. There will need to be a co-signer as well, as this will help limit default rates. As part of this process, in most cases both the borrowers as well as the co-signers credit is checked. If an application is denied or an individual doesn't qualify, the society may have referrals to other lenders that can offer low interest rate loans.
Uses of interest free loans in New York City
Some of the uses of the money from the Hebrew Free Loan Society include the following. As noted, some are restricted to people of a certain faith and others are more generally available.
Assistance is provided for immigrants as a form of General Aid. Loans can be issued to cover their expenses, and they will need to be repaid over 20 months or so. The intent is to serve as a safety net for immigrants that can't pay for a major purchase such as a car, if they have no savings, and would otherwise not have access to competitively priced financing.
Emergency expenses can be paid by the 0% loans, with money offered for the entire bill due. In some cases, qualified New York City families will receive no interest loans for basic needs such as their rent, energy bills, or a security deposit. Or the Hebrew Society can offer funds to pay for a car repair or critical medical bill or expenses.
Loans to pay for college costs from Hebrew Free Loan Society are also offered for immigrants. It is for low- and moderate-income families from the Former Soviet Union. Conditions will need to be met as well, such as GPA. Applicants also need to have a Student Aid Report (SAR) as well as an Application for Federal Student Aid (FAFSA).
New York City immigrants can also get help in paying for retraining classes. Many people who worked oversees as engineers, doctors and professors can benefit from the immigrant retraining loans. It can help them pay for degree or high-quality vocational programs that are available across the greater New York City area.
Ultra-Orthodox women can get help from Hebrew Free Loan Society for job retraining as well. The loans can be beneficial as they seek additional education to enable them to secure well-paying jobs. The loans can help pay for transportation costs, to rollover an auto loan, and cover work supplies too.
Small business startup loans are available as part of the Microenterprise Lending program. The financing provided will help borrowers either start or maybe expand a small business as a path to employment and economic security. The focus is on the ultra-Orthodox community as well as immigrants from the Soviet Union. There will also be other assistance offered to those looking to start a business, including pre- and post-loan technical assistance, guidance, and support.
The Day School Teachers Home Purchase Program provides interest free loans to teachers that can be used for a downpayment on a home. This will be focused on those that teach in Jewish schools.
There are other resources available. They include Jewish Family program known as Harry and Jeanette Weinberg Adoption Loan. This can help pay the adoption costs. Another option is the Hebrew Society's Special Education Bridge Fund, which is for New York City parents that are entitled to government benefits. It can be used to pay for private tuition at a college.
Find phone number for interest free loans in New York City
An appointment and formal application will always be required. The Hebrew Free Loan Society is located at 675 Third Avenue Suite 1905 New York, NY 10017, phone 212-687-0188.
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