Hebrew Interest-Free
Loan Program
No cost, no interest. Changing lives one loan at a time!
In the late 19th century, members of small but established Jewish communities throughout the country came together to develop plans to help newly arrived Jews to build new lives. Guided by the interest-free lending mandate in the Torah, interest-free loans were made. These funds were known as Hebrew Free Loan programs. Over the years, they provided financial assistance to waves of Jews who came to the United States both as immigrants and as refugees.
Today’s financial needs are different, but Federation’s Hebrew Interest-free Loan Program can still help, lending money interest free to any Jewish person from Central New York who is in need of temporary financial assistance. Zero interest personal loans, up to $7,500, can be obtained for many purposes, including medical and dental bills, debt consolidation, small business loans, lifecycle events, family emergencies, car and home repair, camp fees, school tuition and fees, adoption and fertility services.
Monthly payments begin one month after the loan funds are disbursed until the loan is paid in full. Terms and payments are determined for each loan by the Loan Committee in consultation with the borrower. All information is kept in the strictest confidence. As loans are repaid, funds are recycled to make new loans.
For more information, contact:
TERRENCE ST. AMOUR
Chief Financial Officer
315-445-2040 x114
The purpose of the Jewish Federation of Central New York’s Hebrew Interest-free Loan Program is to lend money interest free to any Jewish person from Central New York who is in need of temporary financial assistance. It is a top priority of the HILP to honor and maintain the dignity and privacy of all borrowers and cosigners.
Instructions for Personal Loan
The Hebrew Interest-free Loan Program of CNY (HILP) wants to make the loan application process as easy as possible. Please be assured that any information you and your cosigners provide to the HILP will be kept in strict confidence. Your privacy and the privacy of your cosigners will be honored throughout the process. Feel free to ask questions at any time.
Borrowers must be Jewish, at least 18 years of age and a resident of one of the following NY counties: Onondaga, Oswego, Jefferson, Cortland, Madison and Cayuga
Maximum loan available is $7,500.
The number of cosigners required depends upon the amount of money being borrowed:
Up to $5,000 1 cosigner is required
$5,000 to $7,500 2 cosigners are required
HILP will obtain credit reports on applicants and cosigners.
The minimum cosigner credit score is 675.
Required Documents
- Completed Loan Application including financial worksheet and consent to obtain credit report.
- Proof of current income (pay stub, letter, etc.)
- Government issued photo ID (driver’s license, non-driver ID, passport)
- Completed Cosigner forms including consent to obtain credit report and proof of employment.
Loan Process
- Loan applicant submits completed loan application and all required documents to HILP at the Jewish Federation of CNY.
- Cosigner submits completed cosigner information forms.
- HILP obtains credit reports on applicant and cosigner(s).
- Qualified loan applicants attend a confidential interview with one or two members of the HILP Loan Committee to review the application. The interview may also be done on Zoom or by phone.
- If the loan is approved, borrower reviews the loan terms and signs a promissory note.
- Cosigner(s) must submit a notarized Cosigner Repayment Form.
Loan Repayment
Monthly payments begin one month after the loan funds are disbursed to the borrower and continue until the loan is repaid in full. Following is an example of a loan repayment schedule for 24 months. Loans may be extended for up to four years.
| Loan Amount | Term | Monthly Payment |
| $1,000 | 24 months | $4 |
| $2,000 | 24 months | $84 |
| $3,000 | 24 months | $125 |
| $4,000 | 24 months | $167 |
| $5000 | 24 months | $209 |
| $7500 | 24 months | $313 |
Cosigner Information and Requirements
Each loan applicant must obtain the required number of cosigners. Each cosigner must complete a Cosigner Information Form and sign a Cosigner Repayment Form.
Cosigner(s) must be residents of Central New York and at least 18 years of age.
Cosigner(s) must have a verifiable source of income, sufficient to repay the loan in case of default.
An applicant’s spouse cannot be a cosigner.
Rabbis are not eligible to be cosigners, except for immediate family members.
Only one member of a married couple can be a cosigner.
Minimum credit score for cosigner(s) is 675.
Government issued photo ID must be provided (driver's license, non-driver ID, passport).
Borrowers and cosigners are individually and jointly liable for repayment of the balance due on the loan. Please advise any potential cosigner of this legal responsibility when asking him/her to cosign your loan.
Application
Applicant Checklist
Cosigner Repayment Form
Loan Application
Promissory Note
Together We Give More
There are many ways to give and make a difference - find yours here.
Your gift to the Jewish Federation of CNY brings dignity and care to the vulnerable and elderly, strengthens Jewish identity for our children and young adults, supports vital community programs, and creates meaningful Jewish life across Central New York and beyond.
The Jewish value of Tikkun Olam means “repairing the world,” and we are committed to supporting these efforts and fulfill this important sentiment.
