A Cleveland organization is offering interest-free loans to local workers on furlough from the government shutdown.
The Hebrew Free Loan Association, or HFLA, of Northeast Ohio is a nonprofit lender that can provide up to $10,000 dollars in loans to responsible people in need.
Michal Marcus is the executive director of HFLA. She explains who could qualify.
“If someone could easily get a normal interest rate at a bank then we might not be the answer. But if you’re not able to access a traditional lending source, and you’re able to pay, then we’re happy to help.”
It normally takes a few weeks to apply for and receive a loan, but HFLA is trying to expedite the process for government workers.
Loans under $3,000 must be paid off within 15 months, loans between $3,001 and $5,000 must be paid off within 24 months, and any loan higher than that must be paid off within 36 months.
Those interested can apply online.
Copyright 2021 WKSU. To see more, visit WKSU. 9(MDA5NTM4MTIyMDE0MTg3NDc2MTVlZjdmNQ001))