Question 1

What is HFLA?

Accepted Answer

HFLA is a non-profit organization that seeks to foster economic stability and opportunity amongst members of the Jewish community in British Columbia.

We provide access to affordable credit in the form of a 0% interest loan so that our borrowers can overcome financial challenges and build better lives. 
 
Loans range from $500 to $15,000 and are paid back - interest-free - in affordable monthly payments.

Question 2

Who can borrower from HFLA?

Accepted Answer

In order to qualify for an HFLA loan, an applicant must be:
 
1) Jewish
2) A Canadian Citizen or Permanent Resident can apply for any of our loan programs. Applicants who are here on a work or student visa can apply just for our "Visa Holder" loan program. 
3) Currently living in British Columbia (exceptions made for students who went to High School in B.C.)
4) 19 years of age or older

Question 3

What can people use loan funds for?

Accepted Answer

We offer loan programs that cover a variety of needs. Some of our programs are focused around poverty relief while others are based on helping people realize their dreams. Please visit the "Loan Programs" section of this site to learn about how and where we can help.

Question 4

How do I apply?

Accepted Answer

You can apply directly online. The online form should take about fifteen to thirty minutes to complete.

Question 5

What is a guarantor? How many do I need?

Accepted Answer

A guarantor is someone who agrees to pay back your loan if you cannot.
 
Most loan requires that you have at least one Jewish guarantor who lives in British Columbia. Loans over $6,000 require that you have a second guarantor who lives in Canada (the second guarantor need not be Jewish). 
 
Before proceeding with your application, it is important that you secure your guarantor(s) if they are required. For many, this is the hardest part of the process. We understand how difficult it is to reach out to a family member or friend to ask for their assistance. However, more often than not, people are pleasantly surprised that when they do they get a positive and supportive response.

Please note that in some cases, HFLA will consider small loans without guarantors. Please click on the loan application for more details.

Question 6

Who can serve as a guarantor?

Accepted Answer

Your first guarantor must:

-Be Jewish
-Be a current resident of British Columbia
-Be a Canadian citizen or Permanent Resident
-Be 19 years of age or older
-Show an ability to repay the loan
-Not be a current borrower or guarantor
-Not be married or living with you (exceptions made for parents of dependent students) or the first guarantor
-Not be married or living with another borrower or someone guaranteeing another loan
-Be in good standing with HFLA

Your second guarantor must:

-Be a Canadian citizen or Permanent Resident
-Be 19 years of age or older
-Show an ability to repay the loan
-Not be a current borrower or guarantor
-Not be married or living with you (exceptions made for parents of dependent students) or the first guarantor
-Not be married or living with another borrower or someone guaranteeing another loan
-Be in good standing with HFLA

Your second guarantor DOES NOT need to be Jewish and can live anywhere in Canada.

Question 7

What happens after I submit my loan application?

Accepted Answer

After submitting your application, you will be called by a volunteer board member to arrange an interview over ZOOM, Facetime or another suitable platform.
 
After your interview is complete, your application will be considered by our board which meets twice per month. You will be notified within 24 hours of our board meeting as to the status of your application.

Question 8

If my loan is approved, what happens next?"

Accepted Answer

If your loan is approved, you will be sent a promissory note to sign and a banking information form to complete.
 
Your guarantors will also be sent a guarantee document to be signed.   
 
Once all of these documents have been completed and received in good order, you will receive your loan disbursement.

Question 9

How do I pay back my loan?

Accepted Answer

Repyament begins within 30 days of loan disbursement and will be done by direct withdrawl from your bank account monthly until your loan is paid back in full.

Question 10

Is there really no interest or fees?

Accepted Answer

Really! We are not a bank and our only desire is to help. We never charge any interest or fees on any of our loans. Borrowers will only pay back what they borrowed and not a single penny more!

Hebrew Free Loan

Association of Vancouver