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 help fund expenses that are significant borrowers cannot speak to their particular resources or even to help bridge a time period of unforeseen earnings loss.

Loan candidates will need to have yearly pre-tax home earnings at or underneath the earnings limitations with regards to their home size.

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

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

Guarantor Information

Guarantor Overview

One guarantor is needed for many General Needs Loans, therefore the guarantor must complete and sign a Guarantor Form. a couple that is married considered one guarantor; if your guarantor is hitched, his / her partner additionally needs to finish and signal the Guarantor Form.

The guarantor and their partner are responsible for the mortgage if you aren’t able to cover any explanation.

whom could be a guarantor?

Guarantors must meet the criteria that are following

• Us residents 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 of at the very least $30,000 per year
• Currently employed (HFLS prefers persons who’ve worked one or more year within their current place)

Who might not be a guarantor?

Even in the event they meet with the demands above, the after individuals may perhaps not guarantee that loan:

• Individuals staying in the same home as the debtor
• Individuals whom now have an HFLS loan or are really a guarantor for an HFLS loan
• Pulpit Clergy (clergy in many cases are expected to make sure for their high presence of their payday loans online same day community; this guideline, consequently, exists due to their very own security)
• People that are struggling to repay the loan

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 also 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 the next papers to HFLS just before your meeting, either uploaded with your application that is online or 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 application in the bottom with this web page.
• Copies of government-issued photo IDs such as signatures and act as proof address for the applicant and their spouse (e.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 title, the financial institution title, the bank checking account quantity, and also the routing quantity.

Through the guarantors (guarantors might want to send these papers straight to HFLS):

• Guarantor Form, finished by the guarantor and including information for their partner, if they’re hitched. Guarantors will get a contact with a web link towards the guarantor type when you submit your loan application on line. When your guarantor requires a difficult content application, please email Loan HFLS to request one.)
• Copies of government-issued picture IDs offering signatures when it comes to guarantor and their partner, if they’re hitched (age.g. driver’s license or U.S. passport).

Failure to submit these papers will postpone the processing of one’s application.

What’s The Loan Interview?

Once you have gathered most of the papers above, please e-mail Loan HFLS to schedule your 10-15 moment loan meeting by having an HFLS Loan Officer, that will be carried out by phone or movie call (Zoom). Loan interviews should be planned beforehand and will mondays take place through Thursdays between 9 am and 5 pm.

Please submit the papers in the list above to HFLS ahead of the loan meeting in order to avoid delays in processing the job. Through the meeting, an HFLS Loan Officer will review the application as well as other needed documents with you, ask any appropriate concerns, see whether any extra info is required, and respond to any concerns you’ve got about HFLS therefore the remaining portion of the application for the loan procedure (described below).