How it works

Success Stories

I have worked as a social worker for years. With a bachelor in social work, I have always found work easily but the work is poorly paid. There have been times when my son and I have been living close to the poverty line and I have had to use my credit cards to pay for necessities. I now find myself paying such high interest on my credit cards that I couldn’t imagine how I could ever pay them off.

 My plan to get my masters so I can make a better life for myself and my son was slipping away. With the help of good friends who could act as guarantors I got a loan from HFLA. We live frugally and I’m applying for every bursary and scholarship out there to realize my potential and get my Masters degree. The loan has given me back my hope for the future.

Loan Categories & Amounts

New Student Loan Program:

HFLA’s new student program is designed to make repayment of loans less onerous by having a reduced repayment schedule during the course of study.

 Loan limits and repayment:

  • Apply for up to $3000 per year
  • With proof of re-enrollment, you may reapply for $3,000/year for a total of 4 years ($12,000 maximum
  • Repayment by Preauthorized Debit starting 1 month after receiving loan
  • Repayment schedule:
    • $50/month on first loan
    • $100/month on second loan
    • $100/month for subsequent loans while studying
    • 6 months after studies are completed, repayment increases to $25/$1,000 on outstanding balance

*repayment schedule is fixed and non-deferrable/negotiable

Borrower Requirements

  • As with all of our loans, borrowers must be over 19 (parents may borrow on behalf of students)
  • BC resident at time of application (applying for out of province study is acceptable)

Guarantor requirements:

  • 2 guarantors, one of whom is Jewish
  • BC residents
  • Ability and willingness to repay loan in the event of a default

Reapplication during course of study:

  • Each year student must reapply if interested in another $3000 loan, although full interview process may not be necessary.
  • As long as guarantor information will be confirmed but guarantors may not be required to resubmit forms.
  • Student provides transcripts from previous year as well as proof of enrollment for coming year

*Please note, for students requiring more than $3,000, a one time $10,000 maximum loan is available. This loan has a repayment schedule in line with regular HFLA loans, requiring $250/month repayment to begin the month following disbursement of the cheque.

 

Student Loan Application

Loan Guarantor Application Form

Borrower Budget

Personal Loans (New $5,000 Category)

Maximum $5,000 | Maximum $7,000

  • One qualified guarantor required (maximum $5,000)
  • Two qualified guarantors required (max. $7,000)
  • Monthly repayment, via preauthorized debit: $25 per $1,000 borrowed
  • Applicant fully completes application form (incomplete forms can not be considered)
  • Applicant is contacted on or before the business day following submission of application  to arrange an in person interview with HFLA directors
  • At least one guarantor must be Jewish
  • Guarantors can not be current borrowers or guarantors on other current loans
  • All guarantors must be permanent residents of BC
  • All guarantors must fully complete the Guarantor Application form
  • All guarantors must be interviewed by HFLA Director (preferably in person)

Personal Loan Application ($5,000)

Personal Loan Application ($7,000)

Borrower Budget

Loan Guarantor Application Form

Emergency Loans

Maximum $1,500

  • Monthly repayment, via preauthorized debit: $100 per month
  • Applicant completes and submits HFLA application form
  • Applicant is contacted on or before the business day following submission of the application to arrange an in person interview with an HFLA Director
  • One guarantor required
    • Guarantor must be permanent residents of BC
    • Guarantor fully completes Guarantor Application form
    • Guarantor must be interviewed by HFLA Director (preferably in person)

Loan Guarantor Application Form

Emergency Loan Application

Borrower Budget

 Business & Special Purpose Loans

Maximum $10,000

  • Purposes include: Student loans, Business loans, Adoption, Fertility treatments (other special purposes will be considered on a case-by-case basis by the HFLA Board)
  • Monthly repayment, via preauthorized debit:  $25 per $1,000  borrowed (eg. $250/mo for $10, 000 loan)
  • Applicant completes HFLA application form (incomplete forms can not be considered)
      • Business loans are for NEW BUSINESSES ONLY and applications must include:
      • Business Plan with relevant permits/licenses
      • Tax returns for 2 previous years (personal or related business)
      • Forecast financial information
      • Other information as requested by interviewing director
  • Applicant is contacted on or before the business day following submission of application to arrange an in person interview with HFLA directors
  • Two guarantors required for loans up to $10, 000
    • at least one guarantor must be Jewish
    • all guarantors must be permanent residents of BC
    • all guarantors must fully complete Guarantor Application form
    • all guarantors must be interviewed by HFLA Director (preferably in person)

Education Loan Application

Business/Special Purpose Loan Application

CLICK HERE TO FILL FORM IN

Borrower Budget

Loan Guarantor Application Form

About Us

Tribute Cards

The Hebrew Free Loan Association (HFLA) helps people help themselves by granting interest-free loans to members of BC's Jewish Community.

We offer people a helping hand, or hand up, not a hand out. In the process, loan recipients maintain dignity and self-sufficiency as they repay their interest-free loans. Our organization is founded on the mitzvah of Gemilut Chesed — Deeds of Loving Kindness.

 

©Copyright 2015- Hebrew Free Loan Association, Vancouver. All Rights Reserved.

304B - 950 West 41st Avenue, Vancouver, BC V5Z 2N7

Tel: 604-428-2832