Click here to download and print required Loan Documents

PERSONAL LOANS:

Loans may be made for circumstances other than those listed below.  For questions about other possible loans contact MJFLA at 414-961-1500.  Each loan request will be considered on an individual basis.

1. ‣ Basic Emergency Loans - for basic needs such as transportation, repairs to vehicles, housing (rent, deposits), childcare, and medical or dental emergencies.
   

1. ‣ Catch-up Loans - to assist those who have fallen behind with monthly payments because of loss or reduction of income.
   

1. ‣ Opportunity Loans - to assist individuals with costs associated with job replacement and/or training to improve their financial situation.
   

1. ‣ Special Needs Loans - to assist individuals with one-time expenses related to special needs.  Examples include medical equipment, hearing aids, glasses, walkers, wheelchairs, and medical home improvements such as ramps or railings.
   

1. ‣ Home Health Care Loans - to those in need of short-term home health care for themselves, their children, parents or spouses.  Examples include nursing care, in-home care providers, or companions.
   

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TYPICAL LOAN INFORMATION:

The typical MJFLA loan amount is $2,000, with a maximum loan amount of $3,600.  The typical repayment period is 24 months to a maximum of 36 months based on the loan amount and at MJFLA’s discretion.  Loans will be approved at the sole discretion of the MJFLA Loan Committee and Board of Directors.  All loan payments begin about one month after receipt of the loan.

The information on this page and in the MJFLA loan documents is provided to help in the application process.  The documents are self-explanatory, but it is also recommended that each applicant contact our office prior to submitting an application.  Please carefully review all the loan documents before completing the application.  All forms are required for every loan and must be filled out completely and legibly before MFJLA can review any request for financial assistance.

HOW TO APPLY:

1. ‣  STEP 1:  Review the application forms (see link below) and contact MJFLA at 414-961-1500 if you have any questions. 
   

2. ‣  STEP 2:  Complete and return all forms (including MJFLA Loan Application Parts 1, 2 and 3, and two Co-maker Applications) to MJFLA by mail.  Forms must be completed in full in order to be considered for a loan.  Co-makers will be contacted to confirm their understanding of their responsibility.
   

3. ‣  STEP 3: Meet with a loan coordinator.  If you meet the MJFLA basic loan criteria (see below) you will be contacted by telephone to schedule an appointment.  Bring your valid drivers license or legal identification card.
   

4. ‣  STEP 4:  Within four weeks* of your appointment, the Loan Committee will meet to review your application and you will be notified of approval or denial by mail.  *Contact MJFLA if your need is more urgent in nature.
   

5. ‣  STEP 5:  Upon approval, you will receive a Promissory Note and Guarantee for signatures by the co-makers (notary required).  You will be contacted by telephone to schedule an appointment.  At your appointment you will sign the documents and your payment schedule, and will receive the loan check.
   

6. ‣  STEP 6: Begin making payments approximately 30-45 days after the check is issued.
   

QUESTIONS?  CLICK HERE FOR FAQs.

BASIC LOAN CRITERIA:

1. 1.All applicants must be at least 18 years of age, state of Wisconsin residents for at least one year prior to the application date, and must be current residents within the Greater Milwaukee area.
   

2. 2.Applicants must specify the reason or purpose for the loan on the application.
   

3. 3.Applicants must be gainfully employed or have verifiable means to repay the loan.
   

4. 4.Applicants must provide MJFLA with two qualified co-makers for each loan.
   

5. 5.All co-makers must be at least 26 years of age, and state of Wisconsin residents for at least two years prior to the application date, have a steady source of income and a strong, established credit record.
   

6. 6.Current MJFLA borrowers or co-makers may not apply for an MJFLA loan or be a co-maker to another MJFLA loan until the current loan is successfully repaid.
   

7. 7.A qualified co-maker is a person who is willing and financially able to repay the loan in the event that the borrower defaults on the loan.  Co-makers are jointly and severally liable for the repayment of the loan.
   

8. 8.Professionals working in the community, including but not limited to: clergy, other service agency executives, etc. may not be co-makers.  These individuals tend to have high visibility in the community, and are often requested to be co-makers of loans.  This rule, therefore, exists for their benefit and protection.
   

9. 9.MJFLA will accept only one family member (not living in the same household) to act as co-maker to any loan.
   

10. 10.The applicant’s spouse cannot be a co-maker.
    

11. 11.A married couple is considered to be one co-maker (either one may guarantee the loan - not both).
    

12. 12.No person in active military service may be a co-maker.
    

13. 13.MJFLA reserves the right to contact any and all co-makers at any time as they deem necessary.
    

14. 14.The applicant and co-makers will each have a credit report performed via MicroBilt Corporation.
    

15. 15.A copy of a valid driver’s license or other legal identification must be provided by the applicant and the co-makers.
    

16. 16.The Promissory Note that must be signed by the applicant and all co-makers states that in the event of a default, the co-makers are liable for the loan, “jointly and severally”.  MJFLA would expect the co-makers on the note to share equally in the responsibility of repayment of the loan, however, each co-maker is liable for the full amount and, as such, could be called upon to repay the total balance due in full in the event a default occurs.
    

17. 17.All information received by MJFLA is strictly confidential.
    

18. 18.Borrowers who successfully make all payments in a timely fashion will be eligible for future loans from MJFLA.
    

QUESTIONS:

Contact MJFLA at 414-961-1500 or email your questions to email@mjfreeloan.org.

Click here to download and print required Loan Documents