The Hebrew Free Loan Society advances economic stability and opportunity for lower-income New Yorkers within and beyond the Jewish community by making safe, affordable interest-free loans.
HFLS is a non-sectarian lender, serving people of all faiths and backgrounds since 1892.
About HFLS
- We were founded in 1892 by ten leaders of the Jewish immigrant community on Manhattan’s Lower East Side. These friends pooled $95 to create an interest-free loan fund and made loans starting at 50 cents.
- Today, we continue that tradition of making interest-free loans available to New Yorkers who need immediate help or want to invest in their futures, but cannot afford or do not qualify for commercial credit.
- Unlike Hebrew Free Loan organizations in other cities that lend only within the Jewish community, HFLS has always been a resource of the Jewish community available to all New Yorkers. At the same time that we lend to all, HFLS seriously pursues a historic mandate to identify and meet need within New York City’s Jewish community, aspiring always to reach additional quarters of New York City’s large and diverse and Jewish population that can benefit from our loans.
- HFLS maintains a 99.9% repayment rate. Since our founding 133 years ago, HFLS has provided over $500 million to more than 900,000 borrowers. As our loans are repaid, the capital is lent out again and again, helping more people and multiplying the impact over time.
- HFLS is unique. There are no other organizations in New York City that provide an array of interest-free loans to low- and moderate-income people facing financial emergencies.
Core Values
- Dignity: In lending, and in every interaction we have with borrowers, with supporters, and with all our stakeholders, HFLS embodies the Jewish value of kavod: respectful treatment and consideration that reflects a concern for the dignity of all.
- Mutuality: HFLS was founded to exemplify the value of mutual responsibility. The Hebrew term for this is arevut, which, fittingly, is the same term used to describe guaranteeing a loan. We have an obligation to stand up for our neighbors and look for ways to continue to express and amplify this basic social orientation.
- Integrity: In Hebrew, charitable societies like HFLS are sometimes called hekdeysh, a sacred trust. We will hold ourselves accountable to the highest standards of ethics and professionalism and we will operate with transparency and fairness to always be worthy of that trust.
- Opportunity: Opportunities are often denied to people with limited resources. HFLS believes that every person deserves the opportunity to pursue financial stability and invest in their future, and we serve as a model for how to organize community support that expands this opportunity to all.
Biblical References to Interest-Free Lending
- “If you lend money to My people, even to the poor among you, do not act toward them as a creditor; you shall not charge them interest.” — Exodus 22:24
- “If any of your fellow Israelites become poor and are unable to support themselves among you… Do not take interest or any profit from them, but fear your God, so that they may continue to live among you. You must not lend them money at interest or sell them food at a profit.” — Leviticus 25:35–37
- “You shall not charge interest on loans to your brother, interest on money, interest on food, interest on anything that is lent for interest.” — Deuteronomy 23:20
