JIFLA

Jewish Interest Free Loan of Atlanta

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JIFLA provides interest free loans to 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

  1. The applicant must be Jewish.
  2. Can demonstrate a legitimate need. Priority will be given to applicants who are unable to obtain funds through normal lending sources.
  3. Is at least eighteen (18) years of age.
  4. Is a current resident of greater Atlanta and nearby communities (minimum 12-month residency required).
  5. Is a U.S. citizen or legal resident.
  6. Can demonstrate creditworthiness and ability to repay a loan.
  7. Is not currently a guarantor on another JIFLA promissory note.
  8. Is not in or considering bankruptcy.
  9. Can provide guarantors and suitable references.

Is this loan right for me?

◀︎ How can I use the loan?

The Coronavirus Financial Impact Loan is used to assist with financial challenges associated with COVID-19, related to loss of income.

The purpose of any of our loans must be to alleviate a need such as medical bills, car repairs, a tax burden, or to serve as a bridge during a period of unemployment or financial crisis. Other types of loans can include anything from fertility treatment, adoption, and Israel Gap Year programs to debt consolidation. We also have a fund specifically designated for disability assistance.  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)

◀︎ How much can I borrow?

The Coronavirus Emergency Impact loans are limited to $1,000.

The maximum loan amount for other loans is $7,500, 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.

 

◀︎ 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.  Two guarantors are required for loans greater than $5,000.  We are happy to discuss this requirement in more detail.  Please contact our office at any time.

HOW TO APPLY

STEP 1
Complete Loan Forms – Download application or request them from our office. Complete and return the loan application and documents to our office. Be sure to sign your application and double-check your calculations on the monthly cash flow section.  Please contact us with any questions about the forms.
STEP 2
Arrange Guarantors – Arrange to have your guarantors (usually 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 understanding of their responsibility.  In lieu of completing a Guarantor’s Information Form, they may elect to provide JIFLA with cash security for an amount to be mutually agreed upon between the guarantor and JIFLA.
STEP 3
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 4
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.