Jewish Care Victoria has launched a special COVID-19 Interest Free Hardship Loan, offering financial support to members of the community adversely affected by the coronavirus pandemic.
The special loans are being offered through Jewish Care's Empower Loans program and were created in recognition of the unique circumstances and financial insecurity currently faced by many in the community due to COVID-19.
Features of the special COVID-19 Interest Free Hardship Loans include:
· Loans that range from $1,000 for a single person; $1,500 for a couple; and between $2,000-$2,500 for a family, dependent on the number of children.
· Commencement of loan repayments not occurring until four months following loan approval.
· Streamlined loan applications managed electronically.
Jewish Care prefers that borrowers have one guarantor to the loan. However, other options may be available to those in need who are unable to provide a guarantor.
Whilst many people impacted by the global health crisis will be entitled to a range of new Government offerings, Jewish Care understands that immediate, unforeseen, and unmet costs may arise during these difficult times. Because of this, Jewish Care is also implementing new processes to enable the COVID-19 Interest Free Hardship Loans to be paid within 72 hours of approval.
The Jewish Care COVID-19 Interest Free Hardship Loans can be accessed through the COVID-19 Helpline and are one of many services and supports available to the Victorian Jewish community during the global health crisis.