Debt Consolidation
Fresh Start Loan

Fresh Start Loan Overview

The Fresh Start Loan Program provides 0%-interest, no-fee loans of up to $20,000 to clients working with select financial counseling organizations as a means to pay down high-interest debt and regain financial stability.

To be eligible for a Fresh Start Loan, you must be working with and referred by a financial counselor at one of the organizations listed below. Please contact one of the organizations directly if you wish to begin working with a financial counselor.

Bedford-Stuyvesant Restoration Corporation (Restoration Plaza)
Serving residents of Brooklyn
Contact: Earlene Greene, Manager, Financial Counseling/Coaching Programs
Email: financialempowerment@restorationplaza.org
Phone: 929-432-3332

Neighborhood Trust Financial Partners (NTFP)

• If you live in NYC, Long Island or Westchester, please text HFLS to 646-349-5959 or visit https://go.mytrustplus.org/HFLS 

The Community Service Society of New York (Financial Coaching Corps)
Serving residents of NYC’s five boroughs
Contact: Robi Jaffrey
Email: rjaffrey@cssny.org

New York Legal Assistance Group (NYLAG)
Serving residents of NYC’s five boroughs

Eligibility

In addition to working with a financial counselor at one of the organizations listed above, loan applicants must meet the following general HFLS eligibility criteria:

• Reside in NYC’s five boroughs, Westchester, or Long Island
• Locate one qualified guarantor (for a loan of $10,000 or less) or two qualified guarantors (for a loan of more than $10,000).
  • Guarantors must reside in NY, NJ, or CT; have annual pre-tax household income of at least $50,000; and have good credit (based on an HFLS review of their recent credit history).
• Have annual pre-tax household income at or below the income limit for their household size.
  • If your annual pre-tax household income is slightly above the limit in the chart below, please discuss your specific situation with your financial counselor; you may still qualify for an HFLS loan.

Loan Process

Please do NOT contact HFLS with questions regarding the Fresh Start Loan Program, as HFLS cannot provide you with the online application or determine whether you are eligible. The financial counselor you work with will be able to determine your eligibility for a Fresh Start Loan after reviewing and discussing your financial situation with you. If you are eligible, they will provide you with additional information and a link to an online application.

Application Process

1. Complete and submit the online loan application for this program. The application link must be provided to you by the partner agency financial counselor you’re working with.

2. Follow the instructions you’ll receive in an email from HFLS to complete the ID-Pal identity and ID document verifications and authorize HFLS to view your recent checking account transactions through Plaid.

3. Remind your guarantor(s) to complete the ID-Pal verification and online guarantor form. They will receive an email from HFLS containing the link and instructions for ID-Pal, and they may then complete the guarantor form. (HFLS emails may go to their spam/junk folder; please ask them to check there if they do not see HFLS emails in their inbox.)

After receiving the completed application, required documents, guarantor form(s), and ID-Pal verifications, an HFLS Loan Officer will contact you to request any missing information and schedule a 15-minute loan interview by phone. 

During the interview, the Loan Officer will ask any questions they have about your application, explain the loan closing process and loan terms, and answer any questions you have.

Due to the high volume of applications, we ask that you do NOT contact HFLS about the status of your application. HFLS reviews complete applications only in the order in which they are received. If you have not heard from a Loan Officer, it is because one or more of the steps above is not complete or because HFLS is processing applications that were completed before yours.