Schulder Free Loan Fund Overview
The Schulder Free Loan Fund at Hebrew Free Loan Society provides interest-free loans of up to $7,500 to low- and moderate-income residents of Nassau, Suffolk, or Queens Counties to support expenses that borrowers cannot meet with their own resources or to help bridge a period of income loss.
Loan applicants must have annual pre-tax household income at or below the income limit for their household size. If your annual pre-tax household income is slightly above the limit in the chart below, please contact Loan@HFLS.org to speak with a Loan Officer about your specific situation; you may still qualify for a loan.
About Hebrew Free Loan Fund
The Hebrew Free Loan Society (HFLS) fosters financial stability and opportunity by providing access to safe and affordable credit in the form of interest-free loans. HFLS loans enable borrowers to attend college, improve their job skills, start a business, or respond to unexpected financial challenges. HFLS is a non-sectarian lender, serving the New York City area since 1892.
Hebrew Free Loan Fund Income Limits
Loans of $5,000 or less are repayable in installments of $250 per month over 20 months. Loans of more than $5,000 are repayable in installments of $300 per month over 25 months.
All loans have a three-month grace period before repayments begin. Repayments will be made on either the 5th or the 20th of each month; borrowers select their preference before Hebrew Free Loan Society disburses the loan. All loan repayments are made by electronic debit of a checking account.
In the online application, please select “Other” in response to “How did you hear about Hebrew Free Loan Society?” and write “Schulder Fund” in the detail field.
If you have any questions or technical issues while completing the online application, please email Loan@HFLS.org or call (212) 687-0188 and press 2 to leave a voicemail for a Loan Officer.