HFLA of NEO's Letter to Senator Portman

HFLA of NEO Board president, Lisa Arlyn Lowe recently sent the following letter to Ohio Senator Rob Portman in support of his opposition to the health care bill currently before the Ohio Senate. 

Dear Senator Portman:

Thank you for opposing the health care bill that is currently before the Senate.  In its present form, the Senate Bill is detrimental to all Americans—not just your Ohio constituents. In addition to slashing Medicaid and Medicare, as well as denying millions of Americans access to affordable health care, it limits (or prevents) access to care for opioid addiction - an issue about which I know you are personally passionate.

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What's New With HFLA Newsletter

Our last newsletter of 2019 is out.  Click here to view the latest.

 

 

 


HFLA's Fight Against Payday Loans

One of HFLA of Northeast Ohio’s goals is to fight unfair payday loans in the state of Ohio. We are extremely passionate about this mission as we often work with clients who have fallen into the vicious cycle of payday loan debt.

On March 20, 2017, our Executive Director Michal Marcus appeared on NPR to discuss payday loan legislation reform and talk about HFLA’s work with payday loans.

The following is adapted from that conversation. To hear the discussion for yourself, click here.

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Information on Payday Loan Reform Legislation

The Ohioans for Payday Loan Reform Coalition reached out to HFLA after Michal's interview on NPR, and provided us with the following information for anyone who may be interested in House Bill 123 and the current reform efforts:

Dear Supporters of Payday Loan Reforms:

The payday lending reform bill, Ohio House Bill 123, has been assigned to the House Government Accountability & Oversight Committee, chaired by Rep. Louis “Bill’’ Blessing III, R-District 29, who represents part of Hamilton County.

We are asking you to reach out to committee members from Cuyahoga County, the chairman of the committee and committee members who have announced they are going to run for statewide office in upcoming elections. Please tell the committee members that you support reform and why. If they are running for statewide office, please mention that in your communication.

Also, if you live in one of these legislators’ districts, would you please let us know? If you do, we can let you know when they are holding in-district public meetings which you might be able to attend to bring up payday lending reform.

 

Cuyahoga County committee members:

Rep. Dave Greenspan, District 16; western Cuyahoga County, including Westlake, Bay Village, Rocky River, Fairview Park, North Olmsted

  

Committee Chair

Chairman Rep. Louis “Bill’’ Blessing III, District 29; Hamilton County/Southwest Ohio

 

Other committee members:

Vice Chair Rep. Bill Reineke, District 88; Sandusky and Seneca counties

 

Rep. Timothy E. Ginter, District 5; Columbiana County

 

Rep. Bernadine Kennedy Kent, District 25; part of Franklin County, including Whitehall, Gahanna, Bexley and part of Columbus

 

Rep. Ryan Smith, District 93; Lawrence, Gallia, Jackson and part of Vinton counties

 

Rep. Bill Seitz, District 30; parts of Hamilton County

 

Key news media coverage of reform efforts

 


Michal Marcus on NPR

Yesterday, our Executive Director Michal Marcus was on NPR's Sound of Ideas to discuss payday lending. She was on a panel with State Representative Kyle Koehler and Keith Davis, a Financial Capabilities Counselor with Neighborhood Housing Services of Greater Cleveland. They discussed payday lending and its implications on borrowers, as well as a new bill proposed to close a loophole in current legislation that allows payday lenders to get around 2008's legislation, which capped interest rates at 28%. Through this loophole, payday lenders have continued to lend with interest rates sometimes reaching as high at 700% APR. Listen to the podcast here to learn more!

Michal Marcus, Executive Director of HFLA of Northeast Ohio, on-air with NPR

Join us in the fight against payday loans in Northeast Ohio. Click here to see what your dollars can do.


Build, Improve, or Monitor Your Credit for FREE with NerdWallet!

Exciting news: HFLA partnered with NerdWallet to bring their credit tracking tools to our borrowers, applicants, and friends. This is an online platform that allows you to create an account and view your credit report whenever you choose!

NerdWallet's credit tracking platform allowsNW_Logo_Hor_RGB_Screen-450x100 you to set goals pertaining to your credit (ex: increase my score), and will then give you tips on how to reach that goal. It also shows you how much your credit score would be affected by different decisions regarding your personal credit (opening a new credit card, paying off a balance in full, etc...) so that you know exactly how your credit score will be impacted.

You can create an account with NerdWallet through this link: https://www.nerdwallet.com/blog/hflaclev/


Party 112 Pictures


Interest Free Loans for Lorain County Residents

Underbanked and underserved in Lorain County have a new option for financial help. HFLA of Northeast Ohio, a nonprofit organization, has been lending interest free since 1904 to the people of Northeast Ohio without access to conventional funds and with the ability to repay.

With the generous support of the Community Foundation Lorain County a pilot program has been started with HFLA of Northeast Ohio. “We are happy to provide this grant to HFLA, no one is doing anything like this in Lorain County. Our residents need access to funds other than predatory lenders when it comes to everyday emergencies as well as pursuing their education or starting a business.” Brian Frederick, CEO and President Community Foundation of Lorain County.

These funds are accessible to help people with needs such as car repair, home repair, escaping predatory lending situations, workforce development, education, starting businesses and more. HFLA will be partnering and receiving referrals via Lorain County nonprofits such as, Oberlin Community Services, Urban League and El Centro.

Interest free loans allow people to help themselves with dignity. These interest free loans can often mean the difference between someone keeping the gas on, or being able to get to work when they repair their car, they can prevent a downward spiral towards bankruptcy because of predatory lenders.

For more information, visit our website, www.interestfree.org or call us at 216-378-9042.

For information on becoming a donor, click here to visit our donor platform.


HFLA to launch credit-building program and expand loan services with support of $42,500 Cleveland Foundation grant

The Cleveland Foundation awarded a $42,500 grant to the HFLA of Northeast Ohio to launch a credit-building program and expand HFLA’s interest-free lending program for Northeast Ohioans.

Founded in 1904, HFLA supports Northeast Ohioans with a genuine need and the ability to repay, but no access to conventional funding. HFLA recently decided to expand its wraparound services for borrowers by adding a credit-building component and training HFLA staff in financial coaching.

“The Cleveland Foundation is proud that our grant to HFLA will help underserved community residents establish and build credit, which is key to an individual’s ability to access conventional funding in the future,” said Kathleen Hallissey, Director of Community Responsive Grantmaking for the Cleveland Foundation.

The Cleveland Foundation grant will also help HFLA meet the growing demand for loans to help clients escape from predatory loans, advance careers through education and secure vehicles for transportation to jobs. In recent years, HFLA’s pace of lending has more than doubled.

Over the past 112 years, HFLA has provided over 26,000 interest free loans in response to the diverse needs of capable and able people without access to capital. HFLA has a 97% rate of repayment by loan recipients, which is better than that of most banks.

While the local economy has improved, there are still individuals who need support from the Hebrew Free Loan Association. Though the name of the organization reflects its Jewish heritage and ideals, loans are made to individuals on a non-sectarian basis.

For additional information visit our website, www.interestfree.org or call 216-378-9042.

For information on donating to HFLA, click here to visit our donor platform.