General Needs Loan
Loans to support emergencies, large expenses, and general needs of all kinds.
Loans to support emergencies, large expenses, and general needs of all kinds.
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 support 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 limit for their household size. If your annual pre-tax household income is slightly above the limit in the chart 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.
All loans have a three-month grace period before repayments begin. Repayments will be 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.
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, his or her spouse 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:
Loan Documents & InterviewThe information and documents below are required for a General Needs Loan. Once you have completed all of the below, email Loan@HFLS.org or call (212) 687-0188 to schedule a 15-minute loan interview with an HFLS Loan Officer, which will be conducted via phone or video call (Zoom). Please submit the required documents listed below to HFLS prior to your interview, either by uploading them with your online application or emailing them to Loan@HFLS.org.
From the borrower:
From the guarantors:
Failure to submit these documents will delay the processing of your application.
Once you have submitted the online application, an HFLS Loan Officer will contact you within three business days with any questions and to schedule a 15-minute loan interview (conducted over the phone).
During the interview, an HFLS Loan Officer will review your application and other required documents with you, determine whether any additional information is needed, and answer any questions you have.
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.
It can take as little as one week for HFLS to approve and disburse your loan – the timeline depends entirely on your ability to provide HFLS with the required documents and information, schedule your loan interview, and sign the loan closing paperwork.
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 that contains instructions to electronically complete and sign the loan closing paperwork. The final loan paperwork includes:
Once HFLS receives the signed documents above, we will electronically transfer your loan funds directly into your checking account within three business days. (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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