The maximum loan amount is $5,000. Loan amounts vary greatly depending on the specific need and purpose. Available loan programs and amounts will be discussed with you during a confidential personal interview.
The Free Loan offers interest-free loans for emergencies, healthcare, small business, education, life cycle events and more.
You do not have to be Jewish to apply. The Free Loan is a non-profit, non-sectarian organization that provides interest-free loans to people of all faiths. However, some funds may be restricted to people of the Jewish Faith.
Borrowers must be permanent residents of Southern Arizona including Pima, Cochise and Santa Cruz Counties. Borrowers must have a current Arizona Identification or Drivers License and legal residency status.
Bad credit does not necessarily make you ineligible for a loan. Each loan application is handled on a case by case basis. We will check the credit of both the borrower and the guarantor.
Guarantors are required to guarantee the loan and they enable The Free Loan to retain its 99.5% repayment rate and to help others in need in the future. We do not accept any other forms of collateral.
Loans under $3600 require one guarantor and loans over $3600 require two guarantors. Maximum loan amount is $5000. However, each loan is on a case by case basis and this may vary.
Guarantors need to have good credit, a stable income and be at least 25 years of age. Guarantors cannot have any current activity with The Free Loan either as a borrower or a guarantor. Guarantors must be willing and able to repay the loan if the borrower is unable to do so. Guarantors must complete the guarantor application and be interviewed.
No, married couples are considered one borrower therefore a spouse cannot be a guarantor on a loan.
Generally it takes up to two weeks to process applications and verify documentation. You will be contacted in either case whether your loan has been approved or not.
Payments begin approximately 15-30 days after the loan check is issued. Payment amounts are determined on a case by case basis during the interview. The payback period typically falls between 10 and 36 months.
There are many ways in which you can support The Free Loan. We are entirely supported by the generous contributions of our donors. Your donation will help us help others and support our lean agency operations.