Hebrew Free Loan Society (HFLS)

We all need a little financial help sometimes.

That’s why the nonprofit Hebrew Free Loan Society (HFLS) offers 0%-interest, no-fee loans for low- and moderate-income residents of New York City, Westchester, and Long Island, regardless of their religion, immigration status, or credit score.

IDG has partnered with HFLS to ensure our members have access to their General Needs Loans of up to $7,500, which can be used to meet any purpose or need you might have.

HFLS provides this assistance as a nonprofit organization, promoting financial stability by offering safe, affordable credit options without religious, immigration, or credit score-based restrictions.

About HFLS and Its Mission

HFLS is a nonprofit lender, raising funds from donations to provide loans without charging interest or fees. Founded on a guarantor model, HFLS maintains a high repayment rate of about 99%, which allows it to continue recycling loan funds back into the community to serve more people over time. HFLS loans are open to a broad demographic, including non-U.S. citizens and undocumented individuals, and they do not require applicants to disclose religious affiliations. Applicants are eligible regardless of background, income source, or credit history.

General Needs Loans: Features and Purpose

HFLS General Needs Loans are intended for personal or financial needs. These interest-free loans of up to $7,500 are available to eligible residents and can help cover any household expenses or unexpected costs that borrowers cannot meet with their existing resources. By providing 0% interest loans, HFLS aims to support low- to moderate-income residents who may otherwise struggle with high-interest credit options. The loans also come without additional fees.

Eligibility Requirements

To be eligible for a General Needs Loan, applicants must meet the following criteria:

• Residency: Live within New York City’s five boroughs, Westchester, or Long Island.
• Income: Annual (estimated) household income must be below a set limit based on household size.

• Guarantor Requirement: Provide a guarantor – a family member, friend, neighbor, colleague, or someone else from your life who is willing to take responsibility for the loan if you become unable to pay it back. Guarantors must:
  • Reside in New York, New Jersey, or Connecticut 
  • Have annual pre-tax household income of at least $30,000
  • Be a U.S. citizen or permanent resident
  • Have good credit: HFLS checks guarantor credit reports to review payment history and current debt level (not scores)
  • NOT be your spouse or dependent

NOTE: An applicant’s or guarantor’s spouse or partner is considered the co-applicant or co-guarantor. The application and guarantor forms require information about spouses/partners, and they must sign the loan closing paperwork.

For households, HFLS considers a married or partnered couple as a single applicant or guarantor, requiring both parties to sign necessary documentation.

Repayment Terms

Repayment is structured to be manageable and predictable, with fixed monthly payments depending on the loan amount:

• For loans of $5,000 or less: $250 per month over 20 months.
• For loans exceeding $5,000 (up to $7,500): $300 per month over 25 months.

Borrowers can choose between two automatic payment dates, the 5th or the 20th of each month. Repayments begin the month after the loan is received. If borrowers encounter financial difficulties, HFLS encourages them to reach out proactively to discuss potential adjustments, like temporary reductions in payment amounts.

Application Process and Requirements

You can apply for a General Needs Loan at this link. The application cannot be saved and completed later, so please prepare the necessary documentation beforehand. Key items needed (for you and your spouse/partner, who is considered your co-applicant) include:

• Proof of income: Annual pre-tax income details
• Employment information: Start date, occupation, and employer information
• Identification: Photo IDs for the applicant and spouse, if applicable
• Bank details: Most recent checking account statement – in full (All pages of the statement must be submitted in order for the application to be reviewed)
• Guarantor information: Full name and email of the proposed guarantor

Note: For IDG-affiliated drivers, HFLS suggests listing “driver” as the occupation and the rideshare company as the employer.

HFLS will only review your application, once your guarantor has completed their online guarantor form.

The guarantor will receive an email with a unique link to a secure, online guarantor form when you submit your application. You are encouraged to follow up with your guarantor to ensure they complete the guarantor form promptly. HFLS cannot approve a loan without a guarantor.

Support for Non-English Speakers

Currently, the application is available only in English, but HFLS has staff fluent in Russian, Spanish, and Hebrew to assist applicants. HFLS also welcomes applicants to seek help from friends or relatives with language barriers or during the loan interview.

Application Review and Loan Interview

After the guarantor completes the necessary form, a Loan Officer reviews the application and contacts the applicant for a short phone interview. Given HFLS’s high volume of applications, it may take a week or more to receive a response. During the interview, applicants may discuss their financial situation and any unique circumstances affecting their need for the loan.

Once the interview and document verification are complete, HFLS provides an email notification about the loan decision. Approved applicants receive instructions for electronically signing the loan agreement, which includes:

• Promissory Note: Signed by the borrower, guarantor, and spouses, if applicable.
• Authorization for Automatic Payments: Allows HFLS to set up monthly withdrawals from the borrower’s checking account.

After signing the necessary paperwork, HFLS deposits the loan funds directly into the applicant’s account within two business days.

Contact Information for Support

HFLS can be reached by email at Loan@HFLS.org. Loan Officers primarily work remotely, so applicants are advised to leave a voicemail if needed.

Through this loan program, HFLS and IDG are committed to offering supportive, interest-free financial resources for drivers and others in the New York City area, emphasizing fairness, inclusivity, and financial empowerment. For more information, visit the HFLS website.