Application Requirements

CO-SIGNER INFORMATION

HFLS requires two co-signers to sign the promissory note, the legal document signed by the borrower which evidences the loan. If a co-signer is married, his or her spouse must also sign the promissory note. A married co-signer and his or her spouse are together considered one co-signer. Each co-signer is “jointly” and “severally” liable for the loan in the event you are unable to pay for any reason. While HFLS would expect each co-signer to share equally in the responsibility of repaying the loan, each is liable legally for the full amount, and any one co-signer could be called upon to repay the balance due.

WHO MAY CO-SIGN

Co-signers must be employed persons living, working, and banking in the five boroughs, Westchester, or Long Island . The family income of each co-signer (i.e., the aggregate income of the co-signer and his or her spouse, if any) should be at least $30,000 a year. HFLS prefers persons who have worked a minimum of one year in their present position. Co-signers must also have a checking account and have good credit. Previous Hebrew Free Loan Society loan recipients may co-sign only if they have repaid their loan in full and on time.

WHO MAY NOT CO-SIGN

  • Persons living in the same household as the borrower may not co-sign.
  • Persons who currently have a loan with HFLS may not co-sign.
  • Persons who are co-signers on existing loans may not co-sign.
  • Persons on a fixed, limited income (such as Social Security) may not co-sign.
  • Pulpit Rabbis may not co-sign. (These persons are often asked to co-sign due to their high visibility within the Jewish community. This rule, therefore, exists for their own protection.)

CO-SIGNER INFORMATION PORTION OF APPLICATION FORM

In addition to signing the promissory note, each co-signer must complete and sign the “Co-Signer Information” portion of the Loan Application form. HFLS understands that all information it receives is strictly confidential. HFLS reserves the right to call co-signers to verify the information.

THE LOAN APPLICATION PROCESS

Please call our office at 212-687-0188 , ext. 207 to set up an in-person interview once you have completed your home-study. Please send us a copy of your home-study before your interview date. HFLS’s Loan Committee reviews and decides on loan applications weekly. You will receive a letter within two weeks of your interview advising you whether your loan has been approved. If your loan is approved, you may complete the loan process either in person at our Manhattan office, or by mail. You may make your monthly loan payments either by

(i)       electronic debit of your checking or savings account, or by

(ii)     post-dated checks deposited with us at the time you receive your loan.

HFLS’s Loan Committee, in its discretion, may decline to make a loan, make a loan in an amount less than that requested, or require different co-signers.

REQUIRED DOCUMENTATION

Please bring the following with you to your scheduled interview:

  1. Application form, with the “Borrower Information” portion signed by your spouse if you are married, and “Co-signer Information” portion filled out and signed by your co-signers and their spouses, if any.
  2. From each co-signer (and spouse) and from your spouse:
    1. a copy (both front and back) of a cancelled personal check (A cancelled check is one which was issued, cashed, processed by issuer’s bank, and returned to the issuer with the bank’s monthly statement.); or
    2. a check image; or
    3. a copy of a current bank statement plus a copy of a government issued photo ID such as a driver’s license or U.S. passport.
  3. Some form of a government-issued photo ID for you (eg. driver’s license or US passport).
  4. Your voided check.
  5. A copy of your signed home-study.
 

675 Third Avenue | Suite 1905 | New York, NY 10017| 212-687-0188