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.