How to Apply for an HFLS Loan

Step 1: Determine whether you are eligible for an HFLS loan.

HFLS is a non-sectarian lender; you do not have to be Jewish to receive an interest-free loan from HFLS.

To qualify for an HFLS loan, you must meet the following eligibility criteria:

1. Currently live in NYC’s five boroughs, Westchester, or Long Island and have a US-based checking account.

2. Have low to moderate annual household income, meaning that your annual pre-tax household income falls at or below the limit below for your household size. (Limits are based on the Department of Housing and Urban Development’s guidelines, which account for cost of living by county.)

If your annual pre-tax household income exceeds the amount above for your household size and you have significant and/or urgent need of an interest-free loan, please email HFLS at Loan@HFLS.org with a brief explanation of your situation and a staff member will contact you to determine whether you might still qualify for an HFLS loan. 

3. Locate one qualified guarantor (for a loan of $7,500 or less) or two qualified guarantors (for a loan of more than $7,500). Guarantors must:

• Currently live in NY, NJ, or CT.
• Have annual pre-tax household income at or above the amount required for the loan program to which you are applying (generally ranges from $30,000 for a General Needs Loan to $50,000 for other programs; please check the loan program webpage to confirm).
• Have good credit, in that they are meeting their current debt obligations. HFLS will pull a credit report for each guarantor. These will be hard pulls, as is required by Experian.
• Be able to repay the loan should the borrower default, as determined by HFLS’s review of their income and credit report.
• NOT be the applicant’s spouse or dependents.

NOTE: A married couple is considered one household, and spouses or partners are therefore considered co-applicants or co-guarantors for the loan. 

Step 3: Complete the online loan application and remind your guarantor(s) to complete the online guarantor form(s).

Each online application includes a section for you to enter the name(s) and email address(es) of your proposed guarantor(s). Upon submitting your application, your guarantors will receive an automated email from HFLS explaining that you listed them as a proposed guarantor in your HFLS loan application and asking them to click a link to complete an online guarantor form. All applications are secure; the information entered is encrypted and transmitted directly into HFLS’s loan management system. 

Please note that HFLS only makes one loan per household. This means that, if you are married or partnered, your spouse or partner is considered your co-applicant. The same is true for married or partnered guarantors; their spouse is considered the co-guarantor. The application and guarantor forms require contact, employment, income, and other information for spouses/partners, and spouses must sign the promissory note upon closing your loan.

Step 5: An HFLS Loan Officer will contact you to schedule a loan interview and ensure all required documents are submitted to HFLS.

Within approximately one week of receiving your completed application and guarantor form(s), an HFLS Loan Officer will contact you to schedule a 15-minute loan interview by phone or video (Zoom). The Loan Officer will review your application, ask any follow-up questions, and answer any questions you have. They will also explain the loan repayment terms, loan closing process, and your obligations as a borrower should your loan be approved.

Step 6: HFLS will make a loan decision, and you, your guarantor(s), and all spouse(s)/partner(s) will sign the loan closing documents if your loan request is approved.

You will hear from a Loan Officer within approximately after your interview if we require additional information to process your loan. Once all information is received, you will receive email notification of approval or denial.

If your loan is approved, you will receive a link to electronically complete and sign the loan closing documents, which include:

1) A Promissory Note, to be signed by you, your spouse or partner (if you are married/partnered), and your guarantor(s) and their spouse(s) or partner(s) (if they are married/partnered).

2) An Authorization for Automatic Payments form, signed by you and your spouse or partner (if you are married/partnered).

Once HFLS receives the electronically signed documents, we will electronically transfer your loan funds directly into your checking account within three business days.

Please visit the HFLS loan program webpages to learn more about each type of loan, eligibility, required documents, repayment terms, and more.