EMAIL US AT rambam@mweb.co.za
CALL US NOW 011 485 5401 (JHB) - Mornings
LOAN APPLICATION

FAQ

FREQUENTLY ASKED QUESTIONS

BORROWER REQUIREMENTS

Do I have to be Jewish to get a loan?

Yes. In addition, if you are in the process of being converted, you may be eligible.

Do I have to live in Johannesburg or Cape Town to get a loan?

No. Applications are welcome throughout South Africa. Applicants living in Johannesburg or Cape Town will be required to attend an interview. Apart from those areas, applications can be done telephonically.

I have a poor credit record, am I still eligible for a loan?

Yes. The Rambam Trust is generally the lender of last resort and assists borrowers who may not be credit worthy and cannot receive credit from other sources. Every loan is assessed together with information about the need. Even though the Trust’s requirements are much less stringent than a bank’s, the applicant must show that he/she is in employment and is in a position to repay the loan.

Can my spouse apply for a loan too?

Yes, if married out of community of property (by ANC) and she is personally able to service her loan.

SURETY REQUIREMENTS

What is a surety?

A surety is a 3rd party individual who takes on the responsibility to repay the loan in the event that we cannot recover the funds from the original borrower.

A surety must be over the age of 18 and must have a steady source of income and a strong established credit record.

Do I need to have a surety in order to get a loan?

Yes. A surety is a requirement for any loan approved by the trust. This is a halachic requirement in order to ensure funds are recovered.

Does my surety have to come with me to the interview?

No. Sureties are not required to appear at the interview. However, we may contact the surety in order to inform the surety of his obligations.

Why do I need a surety?

A surety is required in order for us to keep our 99% repayment rate. It is a halachic requirement which ensures that we always have funds to assist borrowers in the future. Collecting of outstanding loans enables us to assist other people in need.

How many sureties do I need?

Multiple sureties may be required depending on the amount of the loan

What are the surety requirements?

The surety is required to be in employment or to be a holder of sufficient income to service the loan.

What should my surety know?

A surety must be made aware that the Rambam Trust will attempt all reasonable means to recover the monies from the borrower. The surety will only be contacted after all attempts to recover the money from the borrower have been exhausted. We will assist the surety in arrangements for repayment.

When will my surety be contacted to repay the loan?

Your surety will be contacted once we have exhausted all means in attempting to recover the funds from the borrower.

LOAN APPLICATION

How do I apply for a loan?

We have strived to make the loan application process as simple as possible. There must be a genuine and verifiable need for the loan. One must then secure one, two or sometimes up to five people (depending on the size of the loan) to sign surety for the loan. Submit the loan application form together with the surety documents. Remember, loans are not pre-approved or guaranteed.

 

Click here to go to the loan application page or telephone the office on 011 485 5401.

How long does it take to receive a loan?

The entire process usually takes between 10-14 days.

LOAN AMOUNTS AND REPAYMENT PERIODS

Is the loan “interest free”?

Yes, the loan is provided interest free. No additional costs or administrative costs are charged.

What is the maximum loan amount available?

Every loan is evaluated based on its merit and the available funds within the trust. The maximum loan per applicant is about R75 000.

What is the loan repayment period?

Generally, the trust expects all loaned amounts to be repaid in full within 24 months. Additional repayment time may be approved in exceptional circumstances.

How are loans usually repaid?

Loans are usually paid by debit order on the 1st working day of the month. Repayments usually begin a month after the loan.

I’ve had yet another setback and I can’t make the loan repayment this month, what should I do?

Our door is always open and we request that you communicate with us in those circumstances.

Can I apply for a new loan before an old loan is paid off?

Yes, in depending on your need.

Once my loan is repaid, can I get another loan?

Yes, however, you will be required to furnish a new loan application form with surety(ies) and an interview will be carried out.

TYPES OF LOANS

What needs do you give loans for?

The following list is not exclusive:

  •  Credit card and other debts
  •  Car repairs and purchases
  •  House related (necessary renovations) and living expenses
  •  Simchas
  •  School fees and university tuition
  •  Medical care
  •  Care for elderly relatives
  •  Special needs and disability assistance

What don’t you give loans for?

We do not give loans for start-up seed capital or for angel investing.

THE INTERVIEW

What is the interview?

The interview is our opportunity to meet with the borrower and discuss the loan. Often, it is easier to express your needs and explain your situation in person, than on paper. We have also found that applicants have no one to turn to during this stressful time and it is often helpful for them to have a caring 3rd party listen to their situation and offer advice and support.

 

You will wait in a private waiting room and will then be interviewed by two trustees together with the Executive Director. Interviews are carried out with dignity, empathy and confidentiality.

What must I bring to my interview?

You must bring your completed original application form, deeds of surety and any supporting documentation which may be requested or which you deem important.

 

It is preferable if you submit all the original documentationn to the office prior to the interview.

How long is the interview?

Interviews are usually completed within 15 minutes.

What is the confidentiality policy?

Members of the Rambam Trust will treat your loan application with the utmost empathy, confidentiality and discretion.

I’m worried that someone I know might see me at the trust’s office.

Applicant appointments are scheduled approximately 15 minutes apart and we have two private waiting rooms where you can sit, read a magazine and hopefully, feel comfortable, whilst waiting for your appointment.

Do you accept walk-in applications?

Yes, you are welcome to visit our office to collect the necessary documentation.

DONATIONS

Are my donations to the Rambam Trust tax deductible?

Yes, you will receive a section 18A tax deductible receipt.

COMMON NEEDS

The Rambam Trust offers financial assistance covering a broad spectrum of needs.

Examples:

  •  Credit card and other debts
  •  Car repairs and purchases
  •  House related (necessary renovations) and living expenses
  •  Simchas
  •  School fees and university tuition
  •  Medical care
  •  Care for elderly relatives
  •  Special needs and disability assistance

The above list is not exhaustive and the Rambam Trust is open to assisting borrowers with any legitimate financial need, provided that they have the ability to repay the loan.

APPLY FOR AN INTEREST FREE LOAN