General Needs Loan

The General Needs Loan Program at Hebrew Free Loan Society (HFLS) 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. 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 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.

**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.

Loan applicants must have annual pre-tax household income at or below the income limits for their household size.

• 1 person: $91,540 household income

• 2 person: $104,650 household income

• 3 person: $117,760 household income

• 4 person: $130,755 household income

• 5 person: $141,220 household income

• 6 person: $157,435 household income

• 7 person: $162,150 household income

• 8 person: $172,615 household income

Coronavirus Financial Impact Loans have a grace period of three months before repayment begins. After the grace period, loans of $5,000 or less are repayble in monthly installments over up to 20 months; loans of more than $5,000 are repayable over up to 25 months. (For example, a loan of $4,000 = repayments of $200/month over 20 months; a loan of $7,500 = repayments of $300/month over 25 months.)

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.

What documents must an applicant submit to HFLS?

The documents below are required for a Coronavirus Financial Impact Loan. Once you have completed or collected all the documents below and have all necessary signatures, contact [Loan@HFLS.org](mailto: Loan@HFLS.org) to schedule a loan interview with an HFLS Loan Officer, which can be conducted via phone video (Zoom) call. Please submit the following documents to HFLS through the online application.

From the borrower:

• Loan Application, completed and signed by the applicant (and their spouse, if they are married) using the online application link at the bottom of this page.

• Copies of government-issued photo IDs that include signatures and serve as proof of address for the applicant and their spouse (e.g. driver’s license). If the driver’s license does not include the applicant’s current address, HFLS will require proof of residency (e.g. a utility bill or account statement).

• Voided check, checking account statement, or bank statement that includes the applicant’s name and the bank name, the checking account number, and the routing number.

_Failure to submit these documents will delay the processing of your application. _

What is the Loan Interview?

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 may be scheduled 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 guarantor form, explain the loan terms and remainder of the loan process, and answer any questions you have.

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

HFLS 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 an email within approximately one week of your loan interview informing you of the loan 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 that contains instructions to complete and sign the final loan paperwork through DocuSign. The final loan paperwork includes:

• A Promissory Note, to be signed by the borrower, guarantor, and all spouses

• An ACH authorization form, so monthly loan payments can be withdrawn automatically from your checking account

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.)