FREQUENTLY ASKED QUESTIONS (FAQs):
What does “free loan” mean?
Free means free! There are NO costs - no interest, no other charges associated with an MJFLA loan.
Do you have to be Jewish to get a loan?
No, MJFLA is a non-sectarian agency that provides loans to people of all faiths.
What types of loans does MJFLA offer?
Click on Personal Loans and Student Loans above to read about current MJFLA loan programs.
How much can I borrow?
Loan amounts depend on individual need, loan program and repayment schedule. The maximum loan amount is $3,600.
Can my spouse apply for a loan, too?
Married couples are considered one borrower and therefore cannot each apply for a loan. Couples must show proof of legal separation to be considered as two separate borrowers.
How long does it take to get a loan?
Once you provide all the required documents and meet with a loan coordinator, it will take one to three weeks to be notified whether your loan has been approved or denied. If it’s approved you will meet with a loan coordinator to sign the loan documents and receive the loan check. If you need the loan sooner, contact MJFLA.
How long can I take to repay the loan?
The typical repayment period is 18 to 24 months based on the loan amount and at MJFLA’s discretion. Student loans are typically repaid in full within 12 months of graduation.
How do I apply for a loan?
If you meet the basic criteria, then read all the FAQs and the MJFLA Loan Documents. Contact MJFLA if you have questions before filling out and sending in, or bringing in your loan application documents. We will help you, step by step, through the rest of the process.
Must I have an in-person appointment to receive a loan?
Yes, an in-person appointment is important. It gives the client an opportunity to share concerns, ask questions, etc. and allows the loan coordinator to fully explain the process. All information is confidential. Appointments are about a half hour long and, where possible, work schedules are accommodated.
Do you accept walk-in loan applicants?
No, walk-in applicants are not accepted. You must call MJFLA to schedule an appointment. If you come to the office without an appointment you will be asked to return at a scheduled time.
What are the basic qualifications for getting a loan?
You must be a resident of the greater Milwaukee area, at least 18 years old, unable to get a loan somewhere else and must have a source of income to repay the loan. You must have two co-signers for loans over $500, one co-signer for loans of $500 or less.
What is a co-signer?
A co-signer is a friend or relative (not living in the same household) who will guarantee the loan for you and is prepared to repay the loan in full if you cannot repay. Every MJFLA loan requires one or two co-signers. They should be at least 26 years old, and must be residents of Wisconsin. Their credit history, and employment or other source of income will be checked.
Do my co-signers have to come with me to my appointment?
Co-signers may come to the appointment, but are not required to do so. If the loan is approved, the co-signers will sign a one-page Guarantee document which must be notarized if not signed in the MJFLA office.
What if I don’t have co-signers?
Every MJFLA loan requires one or two co-signers. It is critical that every loan is repaid on time and repaid in full because as each payment comes in, MJFLA uses that money to make more loans to help more people in our community.
What if one of my co-signers doesn’t live in Wisconsin?
All co-signers must be residents of Wisconsin.
Can I apply for a loan if my family member already has an MJFLA loan?
Yes! As long as the other family member has different co-signers, you may both apply for MJFLA loans. One co-signer may guarantee more than one student loan (in the same family) in some circumstances.
Can I be a member of MJFLA and also apply for a loan?
Yes! MJFLA exists to help any member of our community who is in need of temporary financial assistance.
How can I help support MJFLA?
MORE QUESTIONS:
Contact MJFLA at 414-961-1500 or email your questions to email@mjfreeloan.org.