HFLS/Keshet
“Move To Thrive”
Interest-Free Loan

Eligibility

To qualify for an HFLS/Keshet Loan, applicants must meet the following requirements:

• Be referred to HFLS by Keshet.
• Have plans to move to a different state within three months of receiving an HFLS loan, and be able to submit documentation of their move to HFLS with the application OR no later than six months from the time they receive the loan.
• Have annual household income sufficient to support loan repayment, and no higher than the HFLS income limits posted at HFLS.org/How-to-Apply.
• Have an active checking account.
• Identify one guarantor who meets the requirements below.

NOTE regarding submission of moving documentation: HFLS must receive documented proof of the borrower’s move to a different state within six months of their receiving the HFLS loan. HFLS will send monthly reminder emails to borrowers that contain a secure link to upload their moving documentation. The documentation may take the form of a signed lease (all pages), proof of home purchase or mortgage, or documentation of incurred or paid moving expenses. The documentation submitted must include the borrower’s name, new address, and the date the documentation was signed or provided to the borrower. If the borrower had not moved within six months of receiving the loan, HFLS reserves the right to ask for immediate full repayment of the outstanding balance.

Guarantors

Proposed guarantors must meet the following requirements:

• US citizens or permanent residents currently residing in the US.
• Has a checking account, good credit, and annual, pre-tax household income of at least $50,000.
• 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 the loan through pension/retirement income or assets.

NOTE regarding married or domestically partnered applicants and guarantors: If an applicant or guarantor is married or has a domestic partner, they must include their spouse or domestic partner’s information on the application or guarantor form, as each member of a married or a domestically partnered couple is equally responsible for the loan. After an application is submitted, the spouse or domestic partner of the applicant and guarantor will receive a notification informing them of the loan application/guarantor form, asking them to confirm that HFLS may pull their credit report if necessary and acknowledge receipt of the email. This confirmation is required in order for HFLS to process the loan application. If the loan is approved, the applicant and guarantor and their spouse or domestic partner must all sign the promissory note upon loan closing.

Loan Amounts & Repayment Terms

Loans will be repaid in monthly installments of $400 over 25 months.

If this standard payment plan is or becomes unaffordable for borrowers who are low-income or are facing financial challenges, they may request a temporary (up to three months) reduction in their monthly payment amount. Applicants who wish to pay off their loan in a shorter amount of time may request higher monthly loan payments, one-time or ongoing, at any time during their loan term. There is no penalty for pre-payment. Any such requests should be submitted through the HFLS Borrower Portal, which loan recipients will gain access to upon signing their loan closing paperwork.

HFLS will withdraw monthly repayments directly from the borrower’s designated checking account via electronic debit (ACH) on the 5th or the 20th of each month. The borrower will select their preferred repayment date during the loan process. Repayments will begin approximately one month after the loan is disbursed.

Application Process

Applicants referred by Keshet should complete the online application available at the link in the “Apply Now” section below.

Upon submission of an application, Keshet will confirm with HFLS that the applicant was referred by Keshet. Upon receiving this confirmation, HFLS will review the application and contact the applicant to schedule a 15-minute loan interview by phone, during which a Loan Officer will raise any questions, explain the remainder of the loan process and their obligations as a borrower, and answer the applicant’s questions.

HFLS will then approve or deny the loan. If the loan is denied, the applicant will receive an email from HFLS noting the reason for the denial. If the loan is approved, HFLS will proceed with the steps below.

Loan Closing and Disbursement

After a loan is approved, HFLS will send the following loan closing documents to the borrower, guarantor, and their spouses or partners for electronic signature:

• Promissory Note (the legal document the borrower signs to agree to the loan terms and receive the loan), accompanied by a Disclosures document (laying out the key loan terms). The borrower’s spouse will be listed as a co-borrower and must sign the Promissory Note as well.
• ACH Form (to authorize HFLS to automatically withdraw loan repayments from their checking account in accordance with the repayment schedule in the Promissory Note and Disclosures document).

Within two business days of receiving the completed and signed Promissory Note and ACH Form, HFLS will disburse the approved loan amount directly into the borrower’s checking account via electronic debit (ACH). The funds should appear in the borrower’s account within two business days.