We're Here to Help... as we have been for more than 4 generations

Hebrew Benevolent Loan Association

Simply put, HBLA’s goal is to help people help themselves by making interest-free loans.  Zero interest.  Ever.  We offer a hand up, not a handout, to help fellow Jews in Western New York meet life’s challenges.

Instructions for Personal Loan

The Hebrew Benevolent Loan Association wants to make the loan application process as smooth and easy as possible for you.  The information provided by you and your cosigner will be kept in strict confidence; your privacy and the privacy of your cosigners will be honored throughout the process.

Qualifications

• Borrowers must be Jewish and residents of one of the following eight counties in Western New York: Erie, Niagara, Genesee, Allegany, Cattaraugus, Chautauqua, Wyoming and Orleans
• Maximum loan available is $5,000
• The number of cosigners depends upon the amount of money being borrowed:
  • Up to $1,000          No cosigner is required
  • $1,001 – $2,500     1 cosigner is required
  • $2,501 – $5,000     1 cosigner is required (in some cases, 2 cosigners)
• Credit reports on borrowers and cosigners will be obtained by the HBLA

Required Documents

• Completed Loan Application which includes a signed consent to obtain a credit report
• Mailing hard copies of your most recent federal income tax return, proof of current income, and a copy of your government issued photo ID
• Completed Cosigner Information Form (if required)

Loan Process

1. Submit completed Loan Application and all required documents
2. Submit Cosigner Form (if required)
3. Confidential interview, scheduled at your convenience
4. Review loan terms and sign Promissory Note
5. Cosigner signs a Cosigner Repayment Form (if required)

Loan Repayment

Repayment typically begins one month after the loan has been made.  Loan payments are made monthly.  The exact repayment terms and monthly payments are determined for each loan by the Loan Committee in consultation with the borrower.  The following is a general loan repayment schedule:

Cosigner Information and Requirements

It is the responsibility of each loan applicant to obtain the required number of cosigners for the loan being requested and to ask each cosigner to complete a Cosigner Information Form and sign a Cosigner Repayment Form.

• Cosigner(s) must be residents of Western New York and at least 18 years of age
• Cosigner(s) are expected to have a verifiable source of income, sufficient to repay the loan in case of default
• An applicant’s spouse cannot be a cosigner
• Rabbis are not eligible to be cosigners, except for immediate family members
• Only one member of a married couple can be a cosigner
• Credit reports on cosigners will be obtained by the HBLA
• Copy of government issued photo ID must be provided

Borrowers and cosigners are individually and collectively liable for repayment of the full amount of the loan or any balance.  Please advise any potential cosigner of this legal responsibility when asking them to cosign your loan.