General Needs Loan & Loans to guide emergencies, big expenses, or needs that are general

General Needs Loan & Loans to guide emergencies, big expenses, or needs that are general

General Needs Loan Overview

The General Needs Loan Program provides interest-free loans all the way to $7,500 to lower- and moderate-income residents of New York City’s five boroughs, Westchester, or longer Island to simply help fund expenses that are significant borrowers cannot speak to their particular resources or even to help bridge a time period of unforeseen earnings loss.

Loan candidates will need to have yearly pre-tax home earnings at or underneath the earnings restrictions due to their home size.

Loans of $5,000 or less are repayable in installments of $250 each month (optimum repayment term of 20 months). Loans of greater than $5,000 are repayable in installments of $300 per(maximum repayment term of 25 months) month.

General requires Loans have elegance amount of 90 days before repayments start. Repayments will likely be made on either the fifth or the twentieth of every you will select your preference before HFLS disburses your loan month. All loan repayments were created by electronic debit of the bank checking account.

Guarantor Information

Guarantor Overview

One guarantor is necessary for several General Needs Loans, plus the guarantor must finish and signal a Guarantor Form. a couple that is married considered one guarantor; if your guarantor is hitched, his / her partner additionally needs to finish and signal the Guarantor Form.

The guarantor and their partner are accountable for the mortgage when you aren’t able to fund any explanation.

whom could be a guarantor?

Guarantors must meet the after criteria:

  • Us residents or residents that are permanent surviving in NYC’s five boroughs, Westchester, or longer Island
  • Have actually a bank account, good credit, and total household earnings of at the least $30,000 per year
  • Currently employed (HFLS prefers persons that have worked one or more 12 months inside their current place)

whom is almost certainly not a guarantor?

No matter if they meet with the demands above, the people that are following perhaps not guarantee financing:

  • Individuals surviving in the household that is same the debtor
  • Individuals whom actually have an HFLS loan or are a definite guarantor for an HFLS loan
  • Pulpit Clergy (clergy in many cases are expected to make sure because of the visibility that is high within community; this guideline, consequently, exists with regards to their own security)
  • People who will be not able to repay the loan

Loan Documents & Interview

exactly what documents must a submit that is applicant HFLS?

The documents listed here are required for a General Needs Loan. After you have finished or collected most of the papers below and also have all signatures that are necessary contact the HFLS workplace at Loan HFLS to schedule that loan meeting, that will be carried out via phone or video clip (Zoom) call. Please submit listed here papers to HFLS ahead of your meeting, either uploaded with your application that is online or to Loan HFLS .

Through the debtor:

  • Application for the loan, signed and completed by the applicant (and their partner, if they’re hitched). You might apply online or install a PDF form in the bottom of the page.
  • Copies of government-issued picture IDs such as signatures and act as proof target for the applicant and their spouse (age.g. driver’s permit). In the event that driver’s permit will not range from the applicant’s current address, HFLS will demand evidence of residency (age.g. a computer program bill or account declaration).
  • Voided check, bank checking account declaration, or bank document that features the applicant’s title, the lender title, the bank checking account quantity, additionally the routing quantity.

Through the guarantors (guarantors might want to deliver these papers straight to HFLS):

  • Guarantor Form, finished by the guarantor and including information for their partner, if they’re hitched. Guarantors will get a contact with a web link towards the guarantor kind when you distribute your loan application on line. Should your guarantor requires a copy that is hard, please e-mail Loan HFLS to request one.)
  • Copies of government-issued picture IDs offering signatures when it comes to guarantor and their partner, if they’re hitched (age.g. driver’s license or U.S. passport).

Failure to submit these documents will postpone the processing of the application.

What’s The Loan Interview?

After you have collected most of the papers above, please e-mail Loan HFLS to schedule your 10-15 moment loan meeting having an HFLS Loan Officer, which is carried out by phone or video clip call (Zoom). Loan interviews must certanly be planned beforehand and certainly will mondays take place through Thursdays between 9 am and 5 pm.

Please submit the papers in the list above to HFLS ahead of the loan meeting to prevent delays in processing the job. Through the meeting, an HFLS Loan Officer will review the job as well as other needed documents you have about HFLS and the rest of the loan application process (described below) with you, ask any relevant questions, determine whether any additional information is needed, and answer any questions.

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