1. Why do I have to be Jewish?
The funds that are used to provide loans consist of contributions received exclusively from individuals and organizations in the Jewish community of Ottawa. They have donated to the Ottawa Hebrew Free Loan Association knowing that these funds are being used by members of the Jewish community. We do not receive any funds for our loans from any other income source.
2. Why do I need co-signers?
With over 80 years of experience, we have found that co-signers help to ensure the repayment of our loans. This means that the funds will be there for another individual or family when they have a need to borrow them.
3. Why do my co-signers have to be Jewish and live in Ottawa?
Co-signers must meet the same criteria as loan applicants because in case of default by the borrower, the co-signers become the borrower.
4. How much can I borrow?
Generally, the majority of loans can be up to $5,000 per employed person in family if each is able to repay independently. Loans of greater than $5,000 are at the discretion of the loan committee.
5. How soon can I come in for an interview?
We invite you to make an appointment by telephone or by E-mail or just drop in on Wednesdays between 6:30 PM and 7:30 PM. Interviews are conducted by volunteer members of the Ottawa Hebrew Free Loan Association Board.
6. How long after the loan has been approved do I receive the funds?
Once the loan has been approved, the funds are immediately provided to the borrower.
7. How long can I take to pay back the loan?
The term of the loan is the amount of the loan divided by the amount of the monthly payment with a maximum term of 50 months.
8. What are my repayment obligations?
A repayment schedule is established when the loan is approved. Repayment options include a standard repayment of $100 per month for loans exceeding $1,200, while repayments less than $100 per month are considered for loans under $1,200. Repayments greater than $100 per month are accepted.