General Needs Loans
Personal loans to support emergencies, large expenses, and general needs of all kinds.
Personal loans to support emergencies, large expenses, and general needs of all kinds.
General Needs Loans OverviewThe General Needs Loan Program at Hebrew Free Loan Society (HFLS) provides interest-free loans of up to $7,500 to low- and moderate-income residents of New York City’s five boroughs, Westchester, or Long Island. These general loans cover expenses that borrowers cannot meet with their own resources or help bridge a period of unexpected income loss.
In order to apply, your annual pre-tax household income must be at or below the income limit for your household size. If your annual pre-tax household income is slightly above the limit listed below, please contact Loan@HFLS.org to speak with a Loan Officer about your specific situation. You may still qualify for an HFLS loan.
Loans of $5,000 or less are repayable in installments of $250 per month over 20 months. Loans of more than $5,000 are repayable in installments of $300 per month over 25 months.
Currently, all loans have a one-month grace period before repayments begin. Repayments are made on either the 5th or the 20th of each month; borrowers select their preference before HFLS disburses the loan. All loan repayments are made by electronic debit of a checking account.
Since HFLS lends to households, a married couple is considered one borrower. If an applicant is married or partnered, he or she must include their spouse’s/partner’s information in the application.
Guarantor InformationOne guarantor is required for all General Needs Loans, and the guarantor must complete and sign a Guarantor Form. A married couple is considered one guarantor. If a guarantor is married or partnered, his or her spouse/partner must also complete and sign the Guarantor Form.
The guarantor and their spouse are liable for the loan in the event a borrower is unable to pay for any reason.
Guarantors must meet the following criteria:
Even if they meet the requirements above, the following people may not guarantee a loan:
Application ProcessAfter receiving the completed application, guarantor form, and both 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 of the steps above is not complete or because HFLS is processing applications that were completed before yours.
Loan Decisions & ClosingHFLS reviews and decides on loan applications daily. If we have questions about your application or guarantor, you may receive a call or email from a Loan Officer asking for further information before HFLS will make its decision.
HFLS, in its discretion, may decline to make a loan, make a loan in an amount less than that requested, or require different or additional guarantors.
If your loan is approved, you will receive an email with loan closing documents for you to complete and sign electronically via DocuSign. The loan closing paperwork includes:
Once HFLS receives the electronically signed documents above, we will disburse your loan funds directly into your checking account within three business days. (Please note that it may take a few extra days after the disbursement for the loan funds to appear in your checking account.)
Apply NowComplete the General Needs Loan application to apply for a personal loan from HFLS.
