How to Apply for an HFLS Loan
The step-by-step instructions below are your guide to applying for an HFLS loan and learning about the loan approval and closing process.
The step-by-step instructions below are your guide to applying for an HFLS loan and learning about the loan approval and closing process.
HFLS welcomes applications from people of all faiths and backgrounds; 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:
Currently live in NYC’s five boroughs, Westchester, or Long Island and have a US-based checking account.
Have enough monthly income to make your loan payments, and an annual pre-tax household income that does not exceed the moderate-income limit for your household size, shown below.
If your annual pre-tax household income is higher than the amount above for your household size and you have significant and/or urgent need of an interest-free loan, please email [email protected] 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.
Locate one qualified guarantor (for all General Needs Loans, and for other loans of $7,500 or less) or two qualified guarantors (for non-General Needs Loans of more than $7,500).
A guarantor is someone you know personally—such as a friend, family member, colleague, or neighbor—who agrees to repay your HFLS loan if you are unable to make the payments. Your spouse or dependent cannot serve as your guarantor.
Guarantors must:
NOTE: A married couple is considered one household, and spouses or partners are therefore considered co-applicants or co-guarantors for the loan.
HFLS offers interest-free loans to meet all different kinds of financial needs and challenges. This includes emergency and general needs, health care expenses, college education, job training and certification, small business startup or expansion, debt consolidation and relief, and more.
Review the types of loans we offer and select the one that meets your needs. Each loan program page describes the application requirements for that type of loan, and you can apply online by clicking the link in the “Apply Now” section at the bottom of each loan program webpage.
NOTE: HFLS only accepts applications submitted online through the HFLS portal. All applications and forms are secure; the information entered is encrypted and transmitted directly into HFLS’s loan management system.
When you click on the application link, you will first complete a brief eligibility questionnaire. Next, the system will check whether you already have an HFLS Portal account. If you do, you will be prompted to log in. If you do not, you will be prompted to create an account before continuing with your application.
Each online application includes a section to verify your identity through ID-Pal and to confirm your bank account information through Plaid (the “Checks”). The purpose of these Checks is to prevent fraud that would otherwise be difficult to detect, as well as to review your recent bank account transactions to ensure you appear able to repay an HFLS loan.
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 or partner is considered the co-guarantor. The application and Guarantor Forms require contact, employment, income, and other information for spouses/partners, and spouses/partners must electronically sign the promissory note upon closing your loan.
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, they 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. They will need to enter basic contact, personal, employment, and income information for themselves and their spouse or partner, who is considered the co-guarantor, in the Guarantor Form.
The online Guarantor Form also includes a section for identity verification through ID-Pal. Guarantors must provide a valid government-issued identification document that verifies both their identity and their status as either a U.S. citizen or permanent resident (U.S. passport, U.S. passport card, or permanent resident card/green card). Additionally, the form includes a section authorizing HFLS to conduct a credit check.
If applicable, the guarantor’s spouse will receive a separate email containing a link to authorize HFLS to pull their credit report, should it become necessary. In most cases, HFLS pulls a credit report only for the guarantor who completed the form, not for their spouse.
HFLS cannot review your application until all of the steps above are complete.
Within approximately two weeks 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. 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.
You will hear from a Loan Officer within approximately one week of 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, your guarantor(s) and any spouses/partners 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.
HFLS loans have helped New Yorkers stabilize their financial lives, support their families, and achieve their dreams.
