FLAG is not the only provider of -0-% interest loans. We hope more organizations will join our community of interest-free lenders.
FLAG works in collaboration, rather than competition, with other lenders, whether they charge interest or not. FLAG seeks to retain flexibility in its loans to fill gaps that may exist in other programs and to remain innovative in its approach.
FLAG works in collaboration, rather than competition, with other lenders, whether they charge interest or not. FLAG seeks to retain flexibility in its loans to fill gaps that may exist in other programs and to remain innovative in its approach.
Kiva Zip
https://zip.kiva.org
Kiva Zip provides -0-% interest business loans through an online platform that connects borrowers to lenders.
Like FLAG, Kiva Zip values "Character over Credit" rather than assessing credit history and financial statements.
Kiva Zip differs from FLAG in several significant respects:
https://zip.kiva.org
Kiva Zip provides -0-% interest business loans through an online platform that connects borrowers to lenders.
Like FLAG, Kiva Zip values "Character over Credit" rather than assessing credit history and financial statements.
Kiva Zip differs from FLAG in several significant respects:
- Loan Amount & Loan Term - FLAG loan amounts and terms are negotiated by the Loan Committee.
- Kiva Zip loans have maximums that increase when previous loans have been repaid.
- Loan Type 1: Maximum Amount $25 to $5,000 - Loan Term 6 - 24 months
- Loan Type 2: Maximum Amount $5,025 to $10,000 - Loan Term 12 - 36 months
- Kiva Zip loans have maximums that increase when previous loans have been repaid.
- Loan Repayment - FLAG loan repayment schedules are negotiated by the Loan Committee.
- Kiva Zip loans are repaid in equal monthly installments.
- Trust Network - FLAG loans are guaranteed by a Guarantor vouching for the borrower.
- Kiva Zip loans require lenders from the borrowers network before crowdsourcing becomes available.
- Persistance - FLAG will work with an entrepreneur to become ready for a business loan without time limitations.
- Kiva Zip uses a 15-day period for response from invited lenders followed by a 45-day period for crowdsourcing on an all-or-nothing basis.
Hebrew Free Loan Society of Greater Philadelphia http://www.hebrewfreeloanphila.org
HFLS provides -0-% interest business loans as well as personal loans through an application and interview process.
Like FLAG, HFLS relies on Guarantors to assure repayment.
HFLS differs from FLAG in several significant respects:
- Loan Amount & Loan Term - FLAG loan amounts and terms are negotiated by the Loan Committee.
- HFLS loans have a maximum of $15,000 and must be repaid within 3 years.
- Loan Repayment - FLAG loan repayment schedules are negotiated by the Loan Committee.
- HFLS loans are repaid in monthly installments.
- Trust Network - FLAG loans are guaranteed by a Guarantor vouching for the borrower.
- HFLS loans require 2 co-signers (other than a spouse).
- Persistance - FLAG will work with an entrepreneur to become ready for a business loan without time limitations.
- HFLS uses lending criteria that the borrower is required to meet.