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Borrowing money can be expensive especially when your pockets arent deep to begin with.
Sometimes that interest is incredibly high.
You dont necessarily have to be Jewish to qualify for a zero-interest loan from one of these organizations.
In this spirit, free loan associations issue zero-interest loans to community members.
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This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
How These Zero-Interest Loans Work
Free loan associations have a set amount of money to lend.
When someone applies and is approved for a loan, they pay that money back with 0% interest.
To increase the number of people they can loan to, free loan associations rely on donations.
These donations are tax-deductible, and can be made to any individualfree loan associationacross the country.
The types of loans available will vary depending on your local free loan association.
Even if you dont find a program for your specific needs, you still may want to ask.
Many of these organizations will make a run at accommodate community needs when possible.
Where Can I Find a Hebrew Free Loan Association?
There aredozensof Jewish or Hebrew free loan associations across North America.
Some branches serve a singular metro area, while others cover multiple states.
Zero-Interest Loans Across the US.
Can You Get a Loan from a Hebrew Free Loan Association?
Underwriting standards at Jewish free loan associations vary greatly.
But if youre looking for aVeterans Loanfrom that branch, youll need a credit score of at least 680.
What Are the Loan Terms Like?
Loan terms will vary depending on your individual circumstance and the punch in of loan youre seeking.
The max amount it’s possible for you to borrow will vary from program to program.
For example, many pandemic-related programs at free loan associations across the country have loan caps.
This is to ensure that the limited funding serves as many people as possible.
If you better borrow a large amount, you may have to look for additional sources of funding.
Brynne Conroy is a contributor to The Penny Hoarder.
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