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.
HFLS Income Limits
| Household Size | 1 person | 2 person | 3 person | 4 person | 5 person | 6 person | 7 person | 8 person |
| Household Income | 85,890 | 98,180 | 110,470 | 122,690 | 132,540 | 142,385 | 152,160 | 162,005 |
Loans of $5,000 or less are repayable in monthly installments of $250 (maximum repayment term of 20 months). Loans of more than $5,000 are repayable in monthly installments of $300 (maximum repayment term of 25 months). All monthly repayments begin one month after the loan is received and 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 (212) 687-0188 to set up an in-person loan interview. Please bring the following documents with you to your scheduled interview.
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.
All applicants must have a brief, in-person loan interview with an HFLS Loan Officer. The documents listed above should be submitted to HFLS before or at the loan interview.
During the loan 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).
You can select the location of your interview: At our Manhattan office (675 Third Ave at 42nd Street), where we conduct interviews from 9-5 pm Monday through Thursday, or at the Shorefront Y or Jewish Community House of Bensonhurst in Brooklyn, where we have loan interviews in the evenings once a month.
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 within approximately two weeks of your interview advising you whether your loan has been approved. 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 information you receive will contain instructions to complete the final loan paperwork. You may deliver original signed copies of the final loan paperwork to HFLS by regular mail or in person at our Manhattan office; copies will not be accepted. The final loan paperwork includes:
Apply NowApply for a General Needs Loan online
The HFLS online application for General Needs Loans is new, and we appreciate your feedback! If you have any questions about or problems submitting the form, please contact HFLS at 212-687-0188 or Loan@HFLS.org. You may also download and print copies of the Application Form and the Guarantor Form below instead of using the online application.
Download the General Needs Loan Application and Guarantor Forms
