General Needs Loan
Loans to support emergencies, large expenses, or general needs.
Loans to support emergencies, large expenses, or general needs.
General Needs Loan OverviewThe General Needs Loan Program 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 to help fund significant expenses that borrowers cannot meet with their own resources or to help bridge a period of unexpected income loss.
Loan applicants must have annual pre-tax household income at or below the income limits for their household size.
HFLS Income Limits
| Household Size | 1 person | 2 person | 3 person | 4 person | 5 person | 6 person | 7 person | 8 person |
|---|---|---|---|---|---|---|---|---|
| Household Income | 91,540 | 104,650 | 117,760 | 130,755 | 141,220 | 157,435 | 162,150 | 172,615 |
Loans of $5,000 or less are repayable in installments of $250 per month (maximum repayment term of 20 months). Loans of more than $5,000 are repayable in installments of $300 per month (maximum repayment term of 25 months).
General Needs Loans have a grace period of three months before repayments begin. Repayments will be made on either the 5th or the 20th of each month; you will select your preference before HFLS disburses your loan. All loan repayments are made by electronic debit of a checking account.
Guarantor InformationTwo guarantors are required for all loans, and both guarantors must complete and sign Guarantor Forms. A married couple is considered one guarantor. If a guarantor is married, his or her spouse must also complete and sign the Guarantor Form.
Each guarantor is “jointly” and “severally” liable for the loan in the event you are unable to pay for any reason. This means that, while HFLS would expect each guarantor to share equally in the responsibility of repaying the loan, each is liable legally for the full amount, and any one guarantor could be called upon to repay the balance due.
Guarantors must meet the following criteria:
Even if they meet the requirements above, the following people may not guarantee a loan:
Loan Documents & InterviewThe documents below are required for a General Needs Loan. Once you have completed or collected all the documents below and have all necessary signatures, contact the HFLS office at Loan@HFLS.org to schedule a loan interview, which will be conducted via phone or video (Zoom) call. Please submit the following documents to HFLS prior to your interview, either uploaded with your online application or emailed to Loan@HFLS.org.
From the borrower:
From the guarantors (guarantors may choose to send these documents directly to HFLS):
Failure to submit these documents will delay the processing of your application.
Once you have collected all the documents above, please email Loan@HFLS.org to schedule your 10-15 minute loan interview with an HFLS Loan Officer, which will be conducted by phone or video call (Zoom). Loan interviews must be scheduled in advance and can take place Mondays through Thursdays between 9 am and 5 pm.
Please submit the documents listed above to HFLS prior to the loan interview to avoid delays in processing your application. During the interview, an HFLS Loan Officer will review your application and other required documents with you, ask any relevant questions, determine whether any additional information is needed, and answer any questions you have about HFLS and the rest of the loan application process (described below).
Loan Decisions & ClosingHFLS reviews and decides on loan applications weekly. 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.
You will receive information via email within approximately one week of your loan interview advising you whether your loan has been approved, and if so, providing final loan documents for you to sign via email or DocuSign. 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, the email you receive will contain instructions to complete the final loan paperwork via DocuSign or email. The final loan paperwork includes:
Once HFLS receives the signed documents above, we will disburse your loan funds directly into your checking account within one week. (Please note that it may take a few days after the disbursement for the loan funds to appear in your checking account.)
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