General Needs Loan & Loans to guide emergencies, big costs, or needs that are general

General Needs Loan & Loans to guide emergencies, big 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 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 speak to their very own resources or even to help bridge a time period of unforeseen earnings loss.

Loan candidates should have yearly household that is pre-tax at or below the income restrictions with regards to their home size.

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

General requires Loans have elegance period of 90 days before repayments start. Repayments are going to be made on either the fifth or the twentieth of each and every you will select your preference before HFLS disburses your loan month. All loan repayments were created by electronic debit of the bank checking account.

Guarantor Information

Guarantor Overview

One guarantor is needed for many General Needs Loans, in addition to guarantor must finish and sign a Guarantor Form. a married few is considered one guarantor; in cases where a guarantor is married, their partner also needs to finish and signal the Guarantor Form.

The guarantor and their partner are accountable for the mortgage in case you aren’t able to cover any explanation.

whom might be a guarantor?

Guarantors must meet the after criteria:

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

whom might not be a guarantor?

Regardless of if they meet up with the demands above, the after individuals may maybe not guarantee that loan:

  • People located in the household that is same the debtor
  • People whom actually have an HFLS loan or are really a guarantor for an HFLS loan
  • Pulpit Clergy (clergy in many cases are expected to ensure for their high exposure of their community; this guideline, consequently, exists with regards to their very own protection)
  • People who’re not able to repay the mortgage

Loan Documents & Interview

just what papers must an applicant submit to HFLS?

The documents listed here are required for the General Needs Loan. After you have finished or collected most of the papers below while having 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 ahead of your meeting, either uploaded with your application that is online or to Loan HFLS .

Through the debtor:

  • Application for the loan, signed and completed by the applicant (and their partner, if they’re married). You may use online or install a PDF application in the bottom of the web 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 that features the applicant’s name, the lender title, the bank checking account quantity, while the routing quantity.
  • fast payday loans

Through the guarantors (guarantors may 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 to your guarantor kind when you distribute your loan application on the web. If 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 one’s application.

What’s The Loan Interview?

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

Please submit the documents in the list above to HFLS before the loan meeting to prevent delays in processing the job. Throughout 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.