General Needs Loans

Personal loans to support emergencies, large expenses, and general needs of all kinds.

General Needs Loans Overview

The General Needs Loan Program at Hebrew Free Loan Society (HFLS) provides interest-free loans of up to $9,000

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 [email protected] to speak with a Loan Officer about your specific situation. You may still qualify for an HFLS loan.

Repayment terms are based on the loan amount:

  • Loans of $5,000 or less: $250 monthly payments for up to 20 months.
  • Loans from $5,001 to $7,500: $300 monthly payments for up to 25 months.
  • Loans from $7,501 to $9,000: $325 monthly payments for up to 28 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.

Apply for a General Needs Loan

Guarantor Information

Guarantor Overview

One 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.

Who may be a guarantor?

Guarantors must meet the following criteria:

  • US citizens or permanent residents currently living in New York, New Jersey, or Connecticut
  • Have a checking account, good credit, and annual pre-tax household income of at least $30,000 a year
  • Currently employed (HFLS prefers persons who have worked at least one year in their present position), or if retired, can demonstrate their ability to repay through pension/retirement income or assets.

Who may not be a guarantor?

Even if they meet the requirements above, the following people may not guarantee a loan:

  • You, your spouse, or your dependents
  • Persons who currently have an outstanding HFLS loan or are a guarantor on an outstanding HFLS loan
  • Persons who are financially unable to repay the loan

Application Process

  1. Complete and submit the online loan application for this program.
  2. After you submit your application, each guarantor you listed will automatically receive an email with a link to complete the online Guarantor Form, which includes identity verification through ID-Pal. Please remind your guarantor(s) to complete the form promptly. If they do not see the HFLS email in their inbox, ask them to check their spam or junk folder. 
  3. After receiving the completed application, Guarantor Form, and all ID-Pal verifications, an HFLS Loan Officer will contact you to request any missing information and schedule a 15-minute loan interview by phone. 
  4. 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.
  5. View your application status, track its progress, and see whether any information or documentation is missing by logging in to the HFLS Portal.

Due to the high volume of applications we receive, we ask that you do not contact HFLS to inquire 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 & Closing

How long does it take HFLS to review and decide on my loan application?

HFLS 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 my loan is approved, what happens next?

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:

    • A Promissory Note, to be signed by the borrower, guarantor, and all spouses/partners
    • An Authorization of Automatic Payments (ACH) form, so the loan funds can be transferred directly into your checking account and so HFLS can withdraw monthly loan repayments directly from your checking account.

    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 Now

    Complete the General Needs Loan application to apply for a personal loan from HFLS.

    Apply for a General Needs Loan

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