General Needs Loan & Loans to guide emergencies, large expenses, or needs that are general

General Needs Loan Overview

The General Needs Loan Program provides interest-free loans all the way to $7,500 to lower- and moderate-income residents of the latest York City’s five boroughs, Westchester, or longer Island to simply help fund expenses that are significant borrowers cannot talk with their very own resources or even to help bridge a time period of unanticipated income loss.

Loan candidates should have yearly household that is pre-tax at or underneath the earnings limits for his or her home size.

Loans of $5,000 or less are repayable in installments of $250 per(maximum repayment term of 20 months) month. Loans in excess of $5,000 are repayable in installments of $300 per(maximum repayment term of 25 months) month.

General requires Loans have elegance amount of 3 months before repayments start. Repayments are going to be made on either the fifth or the twentieth of every you will select your preference before HFLS disburses your loan month. All loan repayments are produced by electronic debit of the bank account.

Guarantor Information

Guarantor Overview

One guarantor is necessary for many General Needs Loans, while the guarantor must finish and signal a Guarantor Form. a couple that is married considered one guarantor; in case a guarantor is hitched, their partner should also complete and signal the Guarantor Form.

The guarantor and their spouse are responsible for the mortgage when you are not able to cover any explanation.

whom might be a guarantor?

Guarantors must meet the criteria that are following

  • People in america or permanent residents presently residing in NYC’s five boroughs, Westchester, or longer Island
  • Have actually a bank checking account, good credit, and total household earnings of at the least $30,000 per year
  • Currently employed (HFLS prefers persons who possess worked a minumum of one in their present position year)

whom is almost certainly not a guarantor?

No matter if they meet with the demands above, the after individuals may perhaps not guarantee that loan:

  • People located in the exact same home as the borrower
  • People whom now have an HFLS loan or really are a guarantor for an HFLS loan
  • Pulpit Clergy (clergy tend to be expected to make sure for their high exposure of their community; this guideline, consequently, exists due to their very own security)
  • Persons who will be not able to repay the mortgage

Loan Documents & Interview

just what papers must an applicant submit to HFLS?

The documents here are required for the General Needs Loan. After you have finished or collected most of the papers below and also all necessary signatures, contact the HFLS workplace at Loan HFLS to schedule that loan meeting, which is carried out via phone or video clip (Zoom) call. Please submit listed here papers to HFLS ahead of your meeting, either uploaded with your online application or emailed to Loan HFLS .

Through the debtor:

  • Application for the loan, signed and completed by the applicant (and their partner, if they’re hitched). You might apply online or install a PDF form at the end with this page.
  • Copies of government-issued picture IDs offering signatures and act as proof address for the applicant and their spouse (age.g. driver’s permit). A utility bill or account statement) if the driver’s license does not include the applicant’s current address, HFLS will require proof of residency ( e.g.
  • Voided check, bank account declaration, or bank document which includes the applicant’s name, the financial institution name, the bank account quantity, while the number that is routing.

Through the guarantors (guarantors might want to deliver these papers right to HFLS):

  • Guarantor Form, finished by the guarantor and including information for their partner, if they’re hitched. Guarantors will get a message with a web link towards the guarantor kind once you submit your loan application on the payday loans online same day no credit check web. In case your guarantor requires a difficult content application, please email Loan HFLS to request one.)
  • Copies of government-issued picture IDs such as signatures for the guarantor and their partner, if they’re hitched (age.g. driver’s license or U.S. passport).

Failure to submit these papers will wait the processing of the application.

What’s The Loan Interview?

Once you’ve gathered most of the papers above, please e-mail Loan HFLS to schedule your 10-15 moment loan meeting having an HFLS Loan Officer, which is carried out by phone or video clip call (Zoom). Loan interviews needs to be planned ahead of time and may happen Mondays through Thursdays between 9 am and 5 pm.

Please submit the papers mentioned above to HFLS ahead of the loan meeting to prevent delays in processing the application. Through the meeting, an HFLS Loan Officer will review the job as well as other necessary documents you have about HFLS and the rest of the loan application process (described below) with you, ask any relevant questions, determine whether any additional information is needed, and answer any questions.