The Hebrew Free Loan Society (HFLS), which offers access to secure and inexpensive credit in the form of interest-free loans, promotes financial stability and opportunity. Borrowers might establish a business, attend education, advance their professional skills, or address unforeseen financial issues with the help of HFLS loans. Since 1892, HFLS has been a nonsectarian lender in the New York City area.
Scholarship Sponsor
The Hebrew Free Loan Society (HFLS)
Ten leaders of the Jewish immigrant neighborhood on Manhattan’s Lower East Side created us in 1892. These pals combined their $95 to establish a fund for interest-free loans, with loans starting at only 50 cents.
We still offer interest-free loans to New Yorkers today who need immediate assistance or wish to invest in their futures but cannot afford them or do not meet the requirements for commercial lending.
HFLS keeps its payback rate of 99.9%. Over 900,000 borrowers have received more than $380 million from HFLS since its foundation 130 years ago. The funding is continually given out when our loans are returned, assisting new people and growing the impact over time.
HFLS is special. There are no other organizations in New York City that offer low- and moderate-income persons who are experiencing financial emergencies a variety of interest-free loans.
Regarding Borrowers
HFLS accepts loans from anyone
Low- and moderate-income people and families who reside in the five boroughs of New York City, Westchester, or Long Island make up HFLS borrowers. They are struggling to meet financial requirements or expenses, such as paying for surgery, college tuition, moving costs, a security deposit for a rental, starting a small business, fertility treatments, buying a used automobile, or a variety of other necessities.
The household income must be equal to or less than the corresponding household size’s value below. According to the regulations set forth by the Department of Housing and Urban Development, the sums listed below represent the moderate-income restrictions for households in the NYC region.
What Guaranteers Do
Why Do Hfls Require Guarantors Even For Credit-Worthy Borrowers?
Guarantors are needed so that HFLS can depend on them to pay back a loan in the event that the borrower is unable to. Due to the fact that HFLS does not charge interest or fees and does not accept collateral if a loan is not repaid, HFLS will permanently lose the loan capital. Without a method to raise the possibility of payback, HFLS would not be able to assist as many people and would eventually run out of loan capital. Because of the guarantor system, HFLS has been able to aid almost 875,000 borrowers over the course of 125 years while maintaining our loan capital.
References in the Bible to Interest-Free Lending
Don’t treat My people, including the poor among you, like creditors, and don’t charge them interest if you loan them money. (Exodus 22:24)
“You shall not give him your food for reward, nor lend him your money at interest.” (Leviticus 25:37)
About The Scholarship
The HLFS-Federation offers the Rose Biller Scholarship financial aid to Jewish undergraduate, graduate, and professional students who have substantial financial needs.
Apply also; The Maisin Foundation Scholarship Program
Scholarship Important Dates
• The Committee’s judgments regarding the Biller, Nerken, and Benin scholarships will be emailed to students on August 2023. Please take note that the committee’s decision is final and that there is no procedure for appealing it. The committee does not inform HFLS of the reason(s) for its choice.
• If a scholarship is given, a student will have one (1) week to accept or reject it by logging into the portal by Tuesday, August 16, at 11:59 p.m.
• Scholarship payments will be made to institutions of higher education on or shortly after August 21, 2023.
Education Overview
For the UJA-Federation of New York, three scholarship programs are managed by the Hebrew Free Loan Society. With a focus on New York City, Long Island, or Westchester, this program offers about $1 million to students in need.
If you haven’t already, submit a FAFSA before the application process begins if you’re an undergraduate student planning to apply for the Rose Biller Scholarship*.
* You may apply for an interest-free Undergraduate Loan of up to $30,000 ($7,500 per year for up to 4 years) if you are not awarded or if the award amount is insufficient to pay for your college expenditures.
Application Link
Interested persons can now apply here https://hfls.org/apply-for-a-scholarship/