Loan Information

Below is some general information about the loans HFLA of Houston provides.

  • Free means interest free.Therefore you will pay back exactly the amount that you received and there are no additional charges or fees. The only exception to this is if you provide a car as collateral you will bear the fees incurred in placing a lien on the vehicle.
    • Loans are only made to persons of the Jewish faith.
    • Must be a US citizen or have permanent residency status
    • All loans must be evidenced by a promissory note.
    • Must have one guarantor for any loan up to $5,000 and two guarantors for any loan between $5,000 and $10,000
    • Maximum loan of $10,000, but larger loans will be considered in special cases.
    • No application for a loan in excess of $250 shall be considered where the borrower has not resided within the Houston Metropolitan Area for at least 90 days.
    • If a borrower has not paid a previous loan , no new loans will be considered.
    • Borrower will be required to be present at the time of loan closure.See loan closure for exceptions.

    •  Guarantor must have good credit.
    •  Guarantor must be willing and able to repay the loan if the co-signer is unable to pay the loan.
    •  Guarantor must be 25 years or older.
    • Married couples count as one guarantor
    • For married couples one partner cannot act as guarantor for the other partner
    •  All  guarantors will be required to be present at the time of loan closure
    • Each guarantor will be required to provide a copy of their credit score.

    • Initial application will be made by completion of the on line application form.
    • All portions of the application form must be completed for a loan to be considered
    • The coordinator will contact you once the application has been received and inform you if the loan meets the necessary requirements to proceed with the approval process.
    • If the loan does not meet the necessary requirements you be notified of such rejection.
    • Once the loan meets the necessary requirements to be considered  it will be submitted to the loan committee for approval.
    • The time for any loan to be approved varies based on the size and type of loan.
    • A background check may be run if deemed necessary.
    • The following documents are required to be submitted:
    • i.Copy of  proof of need for a loan
      ii.Copies of the past 3 months of a utility bill.
      iii.Copies of driver’s license and social security card.
      iv.Copy of proof of income-pay stub, bank statement
      v.Copies of outstanding balances of credit cards.

    • Once the application has been approved you will be notified.
    • Closure of the loan will occur at the HFLA office.
    • All final documents will be signed at the time of loan closure.
    • All parties must be present for loan closure including the guarantors.
    • Exceptions for any persons not to be present include students who are currently in college/university at an outside location and guarantors who may be out of state.
    • For tangible items that are pledged as collateral these must be brought to the final closing for safe keeping. All jewelry must be accompanied by a certified appraisal letter.
    • If a car titled is pledged as collateral this must be brought to the final closing.
    •  The check will be provided at the time of the loan closure. Arrangements could be made to have the funds transferred to your bank account if preferred.

    • Loans must be paid back by automatic withdrawal from your checking account.
    • You will be required to sign the bank form authorizing such withdrawals which can occur on either the 15th or the end of the month
    • Loan repayment will begin 30 days after the loan is provided.

  • Loans will not be considered for

    • Debt consolidation
    • New car purchase
    • Vacations
    • Back Taxes
    • Parking and Traffic Tickets