Customer Profile:

To gain access to a loan the applicant must be 21 years old and possess no more than 2 permanent financial debts.

Loan application Process:

Step 1:
  Potential borrowers learn of the different programs that the foundation offers in synagogues (banners and flyers), Jewish magazines (articles, advertising).
To start the application process they must contact the foundation (mostly by phone) and schedule an appointment in our office.

Step 2 :
  Applicants meet with a loan analyst for a brief personal interview and complete a short, one-page application form.
Applicants must take a form back home and complete it with the information of two qualified co-signers that will guarantee the loan (co-signers should be over the age of 21, with a steady monthly income and a good credit record).

Step 3 :
  Applicants return the forms filled with the information of the co-signers and other necessary documents to the foundation. Within two weeks the Loan Committee grants or declines the application.

Step 4 :
 

Once the Loan Committee approves the loan, the applicant, the two co-signers and the Foundation sign a contract in which the total amount lent and the repayment schedule is assigned.
A check is issued directly to the borrower.

Step 5 :
  The borrower begins making minimal monthly payments until the loan has been repaid.