LOAN TYPES

Learn more by visiting our Frequently Asked Questions.

GENERAL

Up to $7,000 with 1 guarantor

Financial challenges can arise during an unexpected life event, medical emergency or a personal cashflow gap. Hebrew Free Loan of Austin helps ease financial burdens by providing interest-free loans for a variety of needs including, but not limited to:

  • General living expenses
  • Medical bills, Dental/orthodontic care
  • Pay off interest-bearing credit cards
  • Home repairs
  • Rent deposits
  • Car loans or repairs
  • Summer camp
  • B’nai Mitzvah
  • Funeral expenses

 Required Supporting Documents

      • copy of driver’s license (or other valid picture ID)
      • most recent employer pay stub
      • most recent W-2
      • most recent tax return
      • most recent proof of mortgage or rent payment
      • most recent utility bill
      • free credit report: www.annualcreditreport.com (*save as PDF for email)

BUSINESS LOANS

Up to $20,000 with 2 guarantors

Austin is a hub for entrepreneurship, which Hebrew Free Loan of Austin seeks to support directly within the local Jewish community. We recognize cashflow is one of the main obstacles to starting a new business or expanding an established company. Our quick and confidential loan process can help kick-start a new venture or take a company to the next level.

Guarantor & Payment Options

      • 1 guarantor for up to $10k; 2 guarantors for over $10k
      • Payback period 2-5 years depending on the amount; no payment the first 3 months

Required Supporting Documents

      • Business plan including 2 year projection of revenue and expenses
      • Working capital
      • Business income and expense statement from last 12 months
      • Assets
      • Liabilities
      • Most recent tax returns filed for the business
      • Documents of incorporation (if applicable)
      • Applicant’s resume
      • Recent personal tax return (Form 1040)
      • Driver’s license
      • Recent mortgage or rent payment
      • Recent utility bill

EDUCATION LOANS

Up to $20,000 with 2 guarantors

Access to education is one of the foundations of our Jewish community. From early education to Hebrew School, and higher education, Hebrew Free Loan of Austin can help fund educational pursuits at any level. These loans help address the rising costs of education, as well as closing the gap between a student’s scholarships, financial aid and the true cost of attending tuition-based educational programs.

Student Applicant Requirements

  • Juniors and Seniors only with a 2.5 GPA
  • Post grad applications will be considered with an acceptance letter to graduate school
  • Must be taking at least 12 credit hours per semester unless they are a senior and need less to graduate. All courses to be going towards their completion of the degree. 9 credit hours is acceptable if you are working.
  • Any accredited university or community college is acceptable. It does not have to be in Texas if the student is a resident of Austin when applying. We will not consider the field of study when providing a loan.

Details of Loans

  • Maximum loan amount of $20,000 total over 2 years with a $5,000 maximum loan amount per semester per student
  • The loan must be used for tuition, fees, books, supplies, room and board and travel expenses related to school.
  • Requires 1 guarantor for first $10,000 (two $5,000 loans maximum) and a second guarantor after that
  • Payment of $50 monthly, to begin 30 days after the first loan closes. Paid by student through an ACH.
  • Loan payment to begin up to 120 days after graduation. The $50 monthly payments will continue until the full loan payments begin . There will be a 4-year payoff of the total amount borrowed minus the sum of the monthly payments.

    GROWING FAMILY LOANS

    Up to $10,000 with 1 guarantor

    Growing a family can take both an emotional and financial toll. Hebrew Free Loan of Austin can help subsidize financial costs of fertility treatments that are not covered by insurance. Loans are available to support costs related to fertility treatments, adoption and surrogacy.

    Guarantor & Payment Options

    • 1 guarantor for up to $10k
    • Payback period 2-3 years depending on the amount; no payment the first 3 months

    Required Supporting Documents

    • copy of driver’s license (or other valid picture ID)
    • most recent employer pay stub
    • most recent W-2
    • most recent tax return
    • most recent proof of mortgage or rent payment
    • most recent utility bill
    • free credit report: www.annualcreditreport.com (*save as PDF for email)

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