Thank you for your interest in a debt consolidation loan from Hebrew Free Loan. This information is to help you to understand the guidelines and process.

The guidelines for a debt consolidation loan are:

• The maximum loan amount is $20,000.
• Two Michigan co-signers who meet the guidelines listed on the online application are required.
• You (and your spouse, if you are married) may receive one debt consolidation loan per lifetime, although you may request other types of HFL loans after this one is paid off.
• Debt consolidation loans exclude funding to repay student loans, taxes and past-due bills.
• Applicants (and their spouses, if married) must complete financial education counseling with Gesher Human Services (see the process below). Completion of the counseling does not guarantee loan approval.
• The monthly payments will be $420 made by ACH deductions from your checking account.

The process for requesting a debt consolidation loan is:

1. If you have not yet submitted an online application, go to www.hfldetroit.org and click on the "Personal Loans" tab. Be sure to hit "Submit" after you enter all the requested information.
2. HFL staff will contact you to review your loan application and obtain your verbal permission to share your HFL loan application data with Gesher Human Services.
3. At this point, we ask that you call Gesher's financial and housing education supervisor, Laltsha C., at (248) 233-4422. Laltsha will send you an Email with a financial counseling application and schedule the first of three appointments for you (and your spouse):
   • At the initial appointment, Laltsha will give an overview of the financial education process and have you (and your spouse) sign a release for Gesher to share your information with Hebrew Free Loan and to run your credit report(s).
   • The second appointment is a review of your (and your spouse's) credit report(s).
   • The last appointment is a budget review and money management session.
   Laltsha will then provide HFL with a review of your counseling sessions and your (and your spouse's) credit report.
4. If the total of the credit card debt on your credit report exceeds $30,000, your loan application will be withdrawn.
5. HFL staff will call you to schedule a phone interview with two members of HFL's board of directors. During the interview, the HFL directors will discuss your loan request and the results of your Gesher counseling sessions, including your credit report.
6. If your loan request is approved, you will be given loan paperwork, including forms to authorize HFL to issue your loan check(s) directly to your creditors and to deduct your monthly loan payments from your checking account.