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

To qualify for an HFLS loan, you must live in NYC’s five boroughs, Westchester, or Long Island; have low to moderate annual household income; and locate one or two qualified guarantors, depending on the loan program. Some loan programs have additional requirements; each loan program page describes the specific requirements for that loan.

Your household income must be at or below the amount listed below for your household size. The amounts below are the moderate-income limits for households in the NYC area, based on the Department of Housing and Urban Development’s guidelines.

To determine whether you qualify for an HFLS loan, locate your household size in the chart below. If your pre-tax annual household income is at or below the amount listed for your household size, you are eligible to apply for an HFLS loan. If your annual household income exceeds this amount and you have significant need of an interest-free loan, please contact HFLS at (212) 687-0188 or info@HFLS.org to discuss whether you qualify for a loan based on your specific situation.

Household Size 1 person 2 person 3 person 4 person 5 person 6 person 7 person 8 person
Household Income 85,890 98,180 110,470 122,690 132,540 142,385 152,160 162,005

Guarantors must:

  • Live in NYC’s five boroughs, Westchester, or Long Island
  • Have household income at or above the amount required for the loan program you’re applying for (noted on each loan program page)
  • NOT live in the same household as the applicant
  • Have good credit, in that they are meeting their current debt obligations according to their credit report.

A married couple is considered one guarantor, and spouses must sign guarantor forms and the promissory note.

Step 2: Find the HFLS loan that’s right for you.

HFLS offers interest-free loans to meet emergency, health, education, business, and other needs.
View the different loans we offer and select the one that’s right for you. Each loan program page describes the application requirements for that loan, and you can download application and guarantor forms right from that page.

Step 3: Complete the application form for your loan, and send the guarantor forms to your guarantors.

Application and guarantor forms can be downloaded from each loan program page; please be sure to answer all questions on the forms and write clearly. A few programs have online applications, and using these instead of paper forms will speed up the loan process significantly.

Please note that, if you are married, your spouse must complete and sign the application form; and if your guarantors are married, their spouses must complete and sign the guarantor forms. Your guarantors can send their completed and signed forms directly to HFLS, or return them to you. Please ensure that you or your guarantors submit their completed and signed guarantor forms prior to your loan interview. See Step 4 below for more information about the loan interview.

Step 4: Schedule a loan interview and ensure all required documents are submitted to HFLS prior to the interview.

Contact Loan@HFLS.org or (212) 687-0188 to schedule your 10-15 minute phone or video (Zoom) loan interview. Please provide one or more preferred days and times (Monday through Thursday, 9 am to 5 pm) for your interview.

All loans require the following documents: A completed and signed application form; completed and signed guarantor forms; copies of IDs that include a signature for applicants, their spouses, their guarantors, and their guarantors’ spouses; and a voided check from the applicant. Each loan program page contains information about whether any additional documents are required for that loan program.

Please ensure you have submitted all required documents prior to your loan interview. This will help prevent delays in processing your loan application.

Currently, the HFLS office is operating remotely, and loan interviews are being conducted by phone or video (Zoom) call from 9 am to 5 pm Mondays through Thursdays.

Each loan program page includes information about all the required documents for that type of loan. Please review this information closely and ensure all required documents are submitted to HFLS prior to your loan interview.

Loan approval and closing.

You will hear from a Loan Officer within approximately one week if we require additional information to process your loan. Once all information is received, you will receive email notification of approval (with final loan paperwork) or denial within a week.

Please note that HFLS is operating remotely due to the COVID-19 pandemic, and there may be some delays in loan processing while we work to bring all our operations online. Please bear with us during this unprecedented situation.

HFLS will email the final loan documents to you with instructions for completion as soon as your loan is approved. You will receive these documents via Docusign or regular email. The loan closing forms include:

1) a Promissory Note, to be signed by you, your spouse (if you’re married), and your guarantors (and their spouses, if they’re married); and

2) an authorization for automatic payments form, signed by you (and your spouse, if you’re married).

Once HFLS receives the completed and signed documents, we will electronically disburse your loan funds into your bank account. (Please note that HFLS is currently disbursing all loan funds electronically; we are not preparing checks.)

Due to the COVID-19 pandemic, repayments on all new HFLS loans will begin in July 2020. (Repayments on HFLS loans disbursed prior to March 19 are suspended until late May.)

Repayments are made monthly. During your loan interview, you will tell the HFLS Loan Officer whether you’d like to make repayments on the 5th or 20th of each month, and your promissory note and ACH form will include your first repayment date. Your repayments will be automatically withdrawn from your checking account on the 5th or the 20th (whichever you selected) each month until the loan is fully repaid.

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