INTEREST-FREE LOAN SCHEME SUPPORTS THOSE IN NEED

THE independent Golders Green Beth Hamedrash, popularly known as Munk’s, has found an innovative way of helping members in financial difficulty by setting up an interest-free loan scheme, or Gemach fund.

A spokesman says it is a reaction to the increasing numbers trapped in the cycle of payday loans.

“It is a problem that is growing. If your children are in a Charedi school, you are talking anywhere between three and ten thousand pounds a year per child in school fees.

“When someone has four kids how on earth do they cope?

“I know of people who continue paying school fees after the child has left [because of money still owed].”

The spokesman adds that the fund operates on two levels. “One is informal, based on good faith and a handshake. You can have up to £5,000 for two years. The money is raised by the community and you pay back when you can.

“There is another one which people apply for more formally and you pay it back monthly. Maybe they have a wedding, or they lost their job, or they need to pay school fees.

“Luckily Jewish people are very generous and when someone is short of money and they need it for domestic things, people will donate.”

Another initiative, Easy Giving, advises people on charitable donations.

“Say you have £100 to give. It breaks it down for you and has worked out that 20 per cent needs to go to schools.

“It just means you give what you have. And the more people sign up the better.”