Borrower
Repayment begins within 3 months after disbursement of the loan proceeds. All of the specific details about your repayment will be outlined to you when your loan is approved.
If a Borrower is unable to repay their loan in a given month, the Borrowers can discuss the situation with HFLNJ. It may be possible to reduce or suspend loan payments for a period of time. If the Borrower cannot make any loan payments, the Guarantors will be responsible to repay the loan.
HFLNJ aims to review loan applications as quickly as possible to address current need. Applications are reviewed on a rolling basis. Generally, Borrowers will be contacted within a few days of submitting an application if additional information is required and the loan will be approved or denied within two weeks.
HFLNJ pulls credit reports for both Borrowers and Endorsers to see a pattern of responsibility in paying obligations.
Any resident of New Jersey.
HFLNJ does not charge any fees in originating the loan and all loans are interest-free.
Any resident of Bergen, Essex, Hudson, Middlesex, Monmouth, Morris, Passaic, Sussex, and Union counties who is Jewish or affiliated with a Jewish organization.
The loan amount depends on the type of loan you apply for and the purpose of the loan. General needs loans range from $1,000 to $7,500. Other loan programs may be higher. Please click here for more information about our loan programs.
Each loan program has its own application form. You can navigate to the relevant application form for each loan program here. You will then be contacted by HFLNJ to discuss any questions related to your application and any additional information required.
Endorser
There are no specific income requirements, but an Endorser must have a source of income that would allow them to comfortably take on the financial responsibility of guaranteeing a loan.
If a Borrower is unable to repay their loan in a given month, the Borrowers can discuss the situation with HFLNJ. It may be possible to reduce or suspend loan payments for a period of time. If the Borrower cannot make any loan payments, the Endorser(s) will be responsible to repay the loan.
HFLNJ pulls credit reports for both Borrowers and Endorsers to see a pattern of responsibility in paying obligations.
An Endorser and their spouse is agreeing to be “jointly and severally liable” for the loan, meaning that HFLNJ may approach them, individually or collectively, to repay the loan at any time.
To guarantee a loan, Endorsers and their spouses must complete, sign, and date the Endorser information form and sign the promissory note along with the Borrower.
An Endorser must be a New Jersey resident, who is credit-worthy. Endorsers may not be a member of the clergy, or political office holder or on active duty in the military. A person may not be a borrower and endorser at the same time. The Endorser must fill out an information form and is required to sign the applicant’s loan documents.
An Endorser is someone who agrees to be responsible for the debt of a Borrower should they default on their loan payments.
