We can help
JIFLA provides interest-free loans to Jewish community members able to demonstrate a legitimate need and ability to repay the loan. Priority will be given to applicants who are unable to obtain funds through normal lending sources.
Who is eligible for a JIFLA loan?
◀︎ Here are the eligibility criteria for a loan from JIFLA
- The primary applicant must be Jewish.
- Can demonstrate a legitimate need. Priority will be given to applicants who are unable to obtain funds through normal lending sources.
- Is at least eighteen (18) years of age.
- Is a current resident of greater Atlanta and nearby communities (minimum 12-month residency required).
- Is a U.S. citizen or legal resident.
- Can demonstrate creditworthiness and ability to repay a loan.
- Is not currently a guarantor on another JIFLA promissory note.
- Is not in or considering bankruptcy.
- Can provide guarantors and suitable references.
Is this loan right for me?
◀︎ How can I use the loan?
The purpose of any of our loans is be to alleviate a financially difficult situation or need such as medical bills, car repairs, a tax burden, or to serve as a bridge during a period of unemployment or financial difficulty. Other types of loans can include anything from fertility treatment, adoption, and Israel Gap Year programs to debt consolidation. Some loan funds are specifically designated; including Women's Empowerment, Special Needs and Young Professionals. Our loans are NOT for higher education. If you are seeking a higher education loan, please contact our sister agency Jewish Educational Loan Fund (JELF)
The Coronavirus Financial Impact Loan is used to assist with financial challenges associated with COVID-19, related to loss of income.
◀︎ How much can I borrow?
The maximum loan amount for a JIFLA loan is $10,000, but the actual amount authorized will depend upon the applicant’s needs, ability to make monthly repayments, and the amount of loan capital available at the time.
The Coronavirus Emergency Impact loans are limited to $3,000.
Young Professional Quick Start loans are limited to $3,000.
◀︎ How long do I have to repay the loan?
The typical repayment period is 24 – 36 months but can be more or less based on the loan amount and at the discretion of the Loan Committee.
Loan payments usually begin between one and three months after receipt of the loan.
◀︎ Is this loan confidential?
JIFLA is committed to maintaining confidentiality. All paper and electronic records are securely stored and all personal data is blinded and identified to other members of the loan committee only by assigned loan numbers.
◀︎ Who approves the loan?
The applicant submits all documents to the Executive Director for processing. Following a confidential interview with a representative of the loan committee, approval of the application is at the sole discretion of the loan committee.
The applicant and guarantors must meet all eligibility requirements.
◀︎ About the Guarantor(s)
Each loan is secured by one or more guarantors. The guarantor is often a close friend or relative. While we look to the borrower to make the monthly payments required according to the promissory note, the guarantors will be responsible for repaying the loan if the borrower’s payments are not made. For loans of $1,000 or less, a guarantor may not be required. One or two guarantors are required for loans greater than $5,000. We are happy to discuss this requirement in more detail.
If you are concerned about meeting the guarantor requirement, please contact us at 470-268-5665 to discuss the circumstances. We’re here to help.
HOW TO APPLY
STEP 1
Choose which loan is the best fit for you
Young Professional Quick Start Loan
Provides Jewish community members aged 20-40 with the opportunity to borrow up to $3,000. This loan provides a quick start on funding needs unique to Young Professionals.
Building Smart Money Habits Loan
Building Smart Money Habits loans are available for young adults ages 18-22 who successfully complete the Building Smart Money Habits Young Adult Financial Literacy Class. These loans are limited to $120.
All other Loans
After you complete the General Loan application, please download the Budget Spreadsheet. The budget spreadsheet has two tabs: a monthly budget worksheet tab and a credit card worksheet tab. Please email your completed spreadsheet to office@JIFLA.org. Be sure to include your name at the top of your worksheet!
STEP 2
Guarantor and Additional Forms
For the General Loan or the COVID Financial Impact loan
- Arrange to have guarantors (one or two) complete and return the Guarantor’s Information Form, which includes an authorization to Obtain a Credit History and consent to serve as guarantor for the loan. Guarantors will be contacted to confirm their understanding of their responsibility.
- In lieu of completing a Guarantor’s Information Form, your guarantor may elect to provide JIFLA with cash security for an amount to be mutually agreed upon between the guarantor and JIFLA
For the Quick Start Loan (only)
STEP 3
Submit Applications
You should complete and submit one application from STEP 1 and the appropriate form from STEP 2 and submit them to our office. Double-check your calculations on the monthly cash flow section and don’t forget to sign the application.
Contact us with any questions before you submit.
You can return your completed application to our office:
FAX: 470-344-1098
EMAIL: Office@JIFLA.org
STEP 4
Meet
We will arrange for you to meet with a representative of our loan committee – Following your appointment, the loan committee will meet to review your application and you will be notified of approval or denial by mail or telephone call.
STEP 5
Approval
If the terms are acceptable to you, we will send you a Promissory Note and a Bank Account Debit Authorization Form to execute. Upon signing the documents we will deposit the loan amount into your account or to your designated creditors.