Frequently Asked Questions

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Applying for a Loan
Referring a Client

JFLC Loans

Understanding JFLC Loans

  • No, you do not have to be Jewish to apply for a JFLC loan. We do not ask questions about religious identity or cultural background in our loan application.

  • Eligibility depends on the type of loan. In general, borrowers must be at least 18 years old, live in the Chicagoland area, meet income guidelines, and have a qualified guarantor.

    Each loan program has its own requirements. Learn more about our loan programs and eligibility requirements here.

  • Personal Loans can be up to $7,500. Small business Loans can be up to $20,000.

  • A JFLC loan is a “free loan” in the sense that it is free of interest and fees.

    JFLC is a relationship-oriented nonprofit lender. People are at the core of our mission, not profit.

  • No, a JFLC loan is not the same as a cash grant. If your loan is approved, you will sign a loan agreement detailing a repayment plan with the expectation that the loan will be repaid.

  • JFLC offers interest-free loans for both personal and small business needs.

    Personal Loans

    • Housing and transportation

    • Medical, dental, and mental health expenses

    • Education and job training

    • Childcare and family expenses

    • Immigration-related expenses

    • Debt consolidation and other financial emergencies

    Small Business Loans

    • Inventory

    • Equipment and software

    • Working capital

    • Capital improvements

    • Marketing and outreach

    • Small business needs

    • Debt consolidation and other financial emergencies

  • A guarantor is someone who agrees to repay the loan if the borrower is unable or unwilling to do so.

    For Personal Loans, the guarantor must be a person other than the applicant (and cannot be a spouse) with at least $40,000 in annual income and a minimum credit score of 670. Jewish Free Loan Chicago conducts a soft credit check on guarantors.

    For Small Business Loans, applicants may qualify in one of two ways:

    • Provide an eligible guarantor with at least $50,000 in annual income and a minimum credit score of 700, or

    • Provide a character reference from a trusted business advisor in place of a personal guarantor.

  • No. JFLC does not charge interest, closing costs, or other fees. Following a loan’s approval, the borrower will sign loan documents before funds are disbursed, but there are no fees associated with closing the loan.

  • The timeline depends on how quickly we receive all required information from the applicant and proposed guarantor, including responses to any follow-up questions and credit check authorization.

    If the applicant and proposed guarantor respond promptly, applications can typically be reviewed, approved, and funded within as little as one week. We understand that many applicants have time-sensitive needs and strive to process applications as quickly as possible.

Applying for a loan

    1. Submit an application: You complete the online application and respond via email with any followup questions.

    2. Guarantor review: Your guarantor authorizes JFLC to check their credit history. (Note: this is a soft credit check.) For personal loans, the minimum score is 670. For small business loans, the minimum score is 700.

    3. Application review: JFLC staff reviews your application and shares it with the Loan Committee.

    4. Interview: You and your guarantor meet with members of the Loan Committee for a 30-45 minute virtual interview.

    5. Loan decision: The Loan Committee reviews your application and determines if the loan is approved.

    6. Finalize your loan: If approved, you sign closing loan documents. Your loan is then disbursed to your bank account.

  • The timeline depends on how quickly we receive all documents and application details. Applications with complete information, including a qualified guarantor, are typically processed within a week.

    If you have questions about your application status, please email us at info@jflchicago.org. 

  • A guarantor can be a friend or family member (outside of your household). Your guarantor should know you to be a responsible person. We frequently hear how identifying a guarantor is easier than our applicants initially imagine. Guarantors often feel honored that they are able to do a good deed for someone in their life.

  • No, a guarantor is required to apply for a Personal Loan.

  • We ask that both you and your guarantor provide a valid government-issued photo ID.

  • Yes. Spanish application forms are available upon request. Please email us at info@jflchicago.org to receive a Spanish version of the application.

  • Yes, we can provide a translator for the loan interview.

  • Interviews are conducted virtually at a mutually agreed upon time.

  • No. Character references are accepted only for Small Business Loan applicants as an alternative to providing an outside guarantor.

    Personal Loan applicants must provide a qualified guarantor and are not eligible to substitute a character reference.

  • A soft credit check allows JFLC to review a guarantor's credit history without affecting their credit score. Unlike a hard credit check, a soft credit check is not visible to other lenders and will not impact future credit applications.

    For Personal Loans, JFLC only requires a soft credit check for guarantors. However, applicants for Small Business Loans are required to undergo a hard credit check as part of the application process.

  • Yes, but the type of credit check depends on the loan program:

    • For Personal Loans, JFLC performs a soft credit check on the proposed guarantor. A minimum credit score of 670 is required. Personal Loan applicants are not subject to a credit check.

    • For Small Business Loans, JFLC conducts a hard credit check on the business owner with a minimum credit score of 700 if there is no additional outside guarantor.

      • If there is an outside guarantor, JFLC will perform a softcredit check on the outside proposed guarantor for a minimum credit score of 700.

      • Small Business Loan applicants may provide a character reference from a trusted business advisor instead of a guarantor, in which case, the business owner's hard credit check must meet the minimum credit score of 700.

Repayment

  • Repayments range from 10-30 months (Personal Loans) or up to 36 months (Small Business Loans). 

  • Borrowers make monthly payments throughout the loan term. Your exact payment amount is dependent on the size of your loan. The due date will be outlined in your loan agreement. All payments to JFLC are processed as debits to your bank account.

  • If you are unable to make a payment, please contact JFLC as soon as possible. We understand that circumstances can change and will work with you to discuss your options and next steps.

  • Borrowers may receive a maximum of two loans from JFLC. A borrower may apply for a second loan from JFLC once they have fully repaid their first loan and remain in good standing with the organization.

  • No. There is no penalty or fee for repaying a JFLC loan early. Borrowers are welcome to repay their loan ahead of schedule at any time.

  • Individuals may be eligible for a JFLC loan if they:

    • are at least 18 years old

    • live in the Chicagoland area

    • meet low-to-moderate income guidelines

    • have a qualified guarantor

    • demonstrate that they have the ability to repay a loan (that is, their monthly income exceeds their monthly expenses), and

    • have an authentic need where a loan of up to $7,500 will make a meaningful difference in their lives.

    Eligibility requirements vary by loan program. JFLC serves people of all backgrounds and faiths. Learn more about borrower eligibility and loan programs here.

  • JFLC offers interest-free loans for both personal and small business needs.

    Personal Loans

    • Housing and transportation

    • Medical, dental, and mental health expenses

    • Education and job training

    • Childcare and family expenses

    • Immigration-related expenses

    • Debt consolidation and other financial emergencies


    Small Business Loans

    • Inventory

    • Equipment and software

    • Working capital

    • Capital improvements

    • Marketing and outreach

    • Small business needs

    • Debt consolidation and other financial emergencies

  • The easiest way to refer a client is to direct them to complete an application through the JFLC website.

    If you would like to discuss a client's situation before making a referral, please contact our Loan Coordinator, Jessica Molina at 224-285-7334 or info@jflchicago.org. 

  • Before referring someone, it is helpful to confirm that they live in the Chicagoland area and understand that a guarantor is required for our Personal Loan application. Reviewing JFLC's eligibility requirements can help determine whether a loan may be a good fit.

  • Response times vary depending on the loan program and the completeness of the applicant’s initial application. Applications with all required details are typically reviewed and determined within five business days.

  • Income limits for Personal and Small Business Loans can be found here.

  • Yes. JFLC welcomes partnerships with social service agencies, schools, healthcare providers, religious organizations, and other community groups. For more information, contact our Loan Coordinator, Jessica Molina, at 224-285-7334 or info@jflchicago.org. 

  • Spanish-language application forms are available upon request. Applicants may email info@jflchicago.org for assistance.

  • A borrower may receive a maximum of two loans from JFLC. Only borrowers in good standing after fully repaying their first loan are eligible to apply for a second loan.

Referring a Client