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FAQ
- Why do I need a guarantor(s)? Can I use my home and other assets for loan security?
In over 50 years of our experience, we have found that guarantors 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. The Jewish Free Loan policies do not permit an asset to be used to secure any loan.
- Why do I have to be Jewish?
The funds that are used to provide loans consist of contributions received exclusively from individual members of the Jewish community of Greater Phoenix. They have donated to the JFL 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.
- Why do my guarantor(s) have to be Jewish and live in Arizona?
Guarantors must meet the same criteria as loan applicants because in case of default by the borrower, the guarantor(s) become the borrower.
- How much can I borrow?
Each loan category has a specifi c level. For details on the levels of funds available for each loan category please check our website: www. jewishfreeloan.org.
- How soon can I come in for an interview?
Interviews are conducted by volunteer members of the JFL Board. Interviews are usually scheduled on two Sundays each month. If circumstances prevent you and/or your guarantors from coming to a regularly scheduled Sunday interview, arrangements can be made based on availability of our board members.
- How long after the loan is approved do I receive the funds?
Once the loan has been approved, the funds are immediately available. Depending on the type of loan, funds can be paid directly to a company or service provider following approval.
- How long can I take to pay back the loan?
A repayment schedule is established when the loan is approved. Repayments depend upon the amount borrowed and are determined by the loan committee.
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3443 North Central Avenue
Suite 707
Phoenix, AZ 85012
Phone - 602-230-7983
Fax - 602-230-0180
info@jewishfreeloan.org
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