Nonprofit Offers Financial Help to Furloughed Government Workers
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.
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