Loan Types

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Personal Loans (max $7,000)

Loans meant for personal purposes such as debt consolidation, dental/medical procedures, financing a wedding or bar/bat mitzvah, and buying a new vehicle.

Repayment:
Monthly repayment of $25 per $1,000 borrowed, via preauthorized debit. For a $7,000 loan, a borrower is required to pay $175 per month for 40 months.

Student Loans (max $3,000 per year, for a total of 4 years with proof of re-enrollment)

Designed to make repayment of loans less onerous by having a reduced repayment schedule during the course of study. Students must reapply each year, although the full interview process may not be necessary.

Repayment:
Monthly repayment of $50 on the first loan, and $100 per month on all subsequent loans. Six months after studies are completed, repayment increases to monthly installments of $25 per $1,000 on any outstanding balance.

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 per month, with repayment beginning the month following disbursement of the cheque.

New Business/Special Purpose Loans (max $10,000)

New Business Loans are for new businesses ONLY. We cannot finance existing businesses. New business applications must include:
1) A business plan with relevant permits/licenses;
2) Tax returns for two previous years (personal or related business);
3) Forecast financial information; and
4) Other information as requested by an interviewing director.

Special Purpose Loans will be granted on a case-by-case basis. Some previously accepted special purposes include adoption and fertility treatment costs.

Repayment:
Monthly repayment of $25 per $1,000 borrowed, via preauthorized debit. For a $10,000 loan, a borrower is required to pay $250 per month for 40 months.

Emergency Loans (max $1,500)

Meant to help those with personal and/or family emergency situations. Emergency loans have a faster repayment schedule than our other loans.

Repayment:
Monthly repayment of $100, via preauthorized debit. For a $1,500 loan, a borrower is required to pay $100 per month for 15 months.