General Needs Loan & Loans to aid emergencies, large costs, or needs that are general

General Needs Loan Overview

The General Needs Loan Program provides interest-free loans as high as $7,500 to low- and moderate-income residents of brand new York City’s five boroughs, Westchester, or longer Island to greatly help fund expenses that are significant borrowers cannot talk with their particular resources or even to help bridge a time period of unanticipated income loss.

Loan candidates will need to have yearly household that is pre-tax at or underneath the earnings restrictions with their home size.

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

General requires Loans have elegance amount of 90 days before repayments start. Repayments is supposed to be made on either the fifth or perhaps the twentieth of each and every month; you may choose your preference before HFLS disburses your loan. All loan repayments are available by electronic debit of the bank checking account.

Guarantor Information

Guarantor Overview

One guarantor is necessary for many General Needs Loans, while the guarantor must finish and sign a Guarantor Form. a married few is considered one guarantor; in cases where a guarantor is hitched, his / her partner also needs to finish and sign the Guarantor Form.

The guarantor and their partner are accountable for the loan when you are not able to cover any reason.

whom could be a guarantor?

Guarantors must meet the after criteria:

  • People in america or residents that are permanent residing in NYC’s five boroughs, Westchester, or longer Island
  • Have actually a bank account, good credit, and total family members earnings with a minimum of $30,000 per year
  • Currently employed (HFLS prefers persons who possess worked one or more 12 months within their current place)

whom might not be a guarantor?

No matter if they meet with the needs above, the people that are following perhaps not guarantee that loan:

  • People residing in the exact same home as the debtor
  • Individuals whom actually have an HFLS loan or are a definite guarantor for an HFLS loan
  • Pulpit Clergy (clergy tend to be asked to make sure because of their visibility that is high within community; this guideline, consequently, exists for his or her very own protection)
  • People 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 all of the papers below and possess all necessary signatures, contact the HFLS workplace at Loan HFLS to schedule that loan meeting, that will be carried out via phone or video clip (Zoom) call. Please submit listed here papers to HFLS ahead of your interview, either uploaded with your online application or emailed to Loan HFLS .

Through the debtor:

  • Application for the loan, completed and finalized by the applicant (and their partner, if they’re hitched). You may use online or install a PDF form at the end for this page.
  • Copies of government-issued picture IDs such as signatures and act as proof target 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 checking account declaration, or bank document which includes the applicant’s title, the lender title, the bank checking account quantity, plus the routing quantity.

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

  • Guarantor Form, finished by the guarantor and information that is including their partner, if they’re hitched. Guarantors will get a contact with a hyperlink to your guarantor kind when you distribute your loan application on the web. If for example the guarantor requires a difficult content application, please e-mail Loan HFLS to request one.)
  • Copies of government-issued picture IDs such as signatures when it comes to guarantor and their partner, if they’re married (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?

After you have gathered most of the papers above, please email Loan HFLS to schedule your 10-15 moment loan meeting by having an HFLS Loan Officer, that will be carried out by phone or video clip call (Zoom). Loan interviews must certanly be planned ahead of time and may mondays take place through Thursdays between 9 am and 5 pm.

Please submit the papers mentioned above to HFLS ahead of the loan meeting in order to avoid delays in processing the job. Through the interview, an HFLS Loan Officer will review the job along with 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.