General Needs Loan Overview
The General Needs Loan Program provides interest-free loans as high as $7,500 to lower- and moderate-income residents of brand new York CityвЂ™s five boroughs, Westchester, or Long Island to simply help fund expenses that are significant borrowers cannot talk with their very own resources or even to help bridge a time period of unanticipated income loss.
Loan candidates need yearly household that is pre-tax at or underneath the earnings restrictions due to their household size.
Loans of $5,000 or less are repayable in installments of $250 per(maximum repayment term of 20 months) month. Loans in excess of $5,000 are repayable in installments of $300 each month (optimum repayment term of 25 months).
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 each and every thirty days; you may choose your preference before HFLS disburses your loan. All loan repayments are available by electronic debit of the bank account.
One guarantor is needed for many General Needs Loans, in addition to guarantor must finish and sign a Guarantor Form. a married few is considered one guarantor; in cases where a guarantor is hitched, his / her partner also needs to complete and signal the Guarantor Form.
The guarantor and their partner are accountable for the mortgage if you are not able to fund any explanation.
whom can be a guarantor?
Guarantors must meet the after criteria:
- People in america or residents that are permanent located in NYCвЂ™s five boroughs, Westchester, or longer Island
- Have actually a bank checking account, good credit, and total family members earnings of at the least $30,000 per year
- Currently employed (HFLS prefers persons that have worked a minumum of one 12 months inside their current place)
whom might not be a guarantor?
Even though they meet with the needs above, the people that are following perhaps not guarantee that loan:
- People located in the exact same home as the borrower
- Persons whom have an HFLS loan or certainly are a guarantor for an HFLS loan
- Pulpit Clergy (clergy tend to be expected to ensure for their high exposure of their community; this guideline, consequently, exists due to their very own security)
- People that are struggling to repay the mortgage
Loan Documents & Interview
just what papers must a submit that is applicant HFLS?
The documents listed here are required for the General Needs Loan. Once you’ve completed or collected all of the papers below and also all necessary signatures, contact the HFLS workplace at Loan HFLS to schedule that loan meeting, which is carried out via phone or movie (Zoom) call. Please submit the next documents to HFLS just before your interview, 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 use online or install a PDF form in the bottom with this web page.
- Copies of government-issued picture IDs such as signatures and act as proof target for the applicant and their spouse (age.g. driverвЂ™s permit). In the event that driverвЂ™s license doesn’t through the applicantвЂ™s current address, HFLS will demand evidence of residency (age.g. a software application bill or account declaration).
- Voided check, bank checking account declaration, or bank document which includes the applicantвЂ™s title, the bank name, the bank account number, while the routing number.
Through the guarantors (guarantors might want to deliver these papers right to HFLS):
- Guarantor Form, finished by the guarantor and information that is including their partner, if they are hitched. Guarantors will get a message with a hyperlink towards the guarantor type when you distribute your loan application on line. In the event your guarantor requires a difficult content application, please e-mail Loan HFLS to request one.)
- Copies of government-issued picture IDs such as signatures when it comes to guarantor and their partner, if they’re hitched (age.g. driverвЂ™s license or U.S. passport).
Failure to submit these papers will delay the processing of the application.
What’s The Loan Interview?
Once you’ve gathered most of the papers above, please e-mail Loan HFLS to schedule your 10-15 moment loan meeting by having an HFLS Loan Officer, that will be carried out by phone or video clip call (Zoom). Loan interviews needs to be planned ahead of time and may 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 interview in order to prevent delays in processing the application. Through the meeting, an HFLS Loan Officer will review the job as well as other necessary 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.