Since 1924, Jewish Free Loan Toronto has been offering interest-free loans to Jews in need. Today, we have more than 800 loans worth over 3 million dollars circulating in the Community helping others help themselves.
Our lending program originates from the Biblical prohibition against charging interest and reflects Maimonides’ belief that the highest form of charity is a loan that puts an individual on the path to self-sufficiency.
The 0% interest loans demonstrate our Community’s confidence that with assistance, our borrowers can navigate trying times and achieve their goals. Offering a hand-up rather than a hand-out, all borrowers emerge with their dignity and self-respect intact.
The 99% repayment rate demonstrates that an interest-free lending program is valued by the Community and successfully brings about positive change in peoples’ lives.