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Standard Loans

HFLA Standard Loans address the unexpected financial challenges that people who are unable to access traditional financing face. Many people do not have access to funds when financial challenges occur. These situations can include home and car repairs, debt consolidation, emergency funerals, car purchase, and more.


Qualifications:

  • Live in Cuyahoga, Lake, Lorain, Geauga, Mahoning, Medina, Portage, Summit, or Trumbull county.
  • Have an income with the ability to repay the loan on a monthly basis.
  • Lack the ability to obtain the needed funds from a conventional lender like a bank or credit union.
All applications require a guarantor:
  • If you are married, your spouse will be considered a co-applicant and will have to complete the Co-Applicant Form. The co-applicant will be equally responsible for the loan. 
  • The Guarantor is someone who lives outside of your home, and for whom your income/expenses are not tied. If you are applying with a spouse who is a co-applicant, a guarantor is still required. They will also be sent a separate form to complete. 

Other important things to know:

  • Credit will be checked for all applicants and co-applicants/guarantors with an emphasis on payment history, not a three digit score.
  • The maximum loan amount is $10,000.
  • Additional documentation may be requested during the review process.
  • Upon approval, all checks are made payable directly to creditors (source of need) and not individuals (borrowers).

 

Education Loans

HFLA Education Loans address the gap that is often needed in order to pursue undergraduate, graduate, vocational and technical schools. This burden often comes between the student attending or finishing their education. These loans are need-based.

Qualifications:

  • All Pell Grants and subsidized and unsubsidized loans available to the student must be utilized first. 
  • Education loans can be used for:
    • Traditional 2 and 4-year degrees
    • Graduate and post-graduate studies
    • Certification programs (ex: CDL classes, plumbing, welding)
    • Trade school tuition
    • Coding boot camps and other accredited “short-term” programs
    • Study abroad programs

Other important things to know:

  • Loans are need-based, not merit-based
  • For 2 and 4-year degrees, an applicant may apply for a loan up to $5,000 per academic year with a $20,000 maximum over the entire time the student is enrolled in school
  • For programs with a duration of 1 year or less or for graduate degrees, an applicant may apply for a loan of up to $10,000
  • While enrolled in school, payments are $100 per month as long as the student is enrolled full-time. Once this status changes, the loan terms convert to a regular loan and HFLA's regular repayment terms apply
  • The student is required to submit proof of enrollment status annually
  • Upon approval, checks are typically made out directly to the school
Auto Loan

Qualifications:

  • Live in Cuyahoga, Lake, Lorain, Geauga, Mahoning, Medina, Portage, Summit, or Trumbull County.
  • Have an income with the ability to repay the loan on a monthly basis.
  • If married, apply with spouse/partner as co-applicant. A co-applicant may also be appropriate in other situations.
  • Apply with a guarantor. A guarantor will be legally liable for the full amount of the loan. Please see the guarantor application for requirements.

Other important things to know:

  • Credit will be checked for all applicants and co-applicants with an emphasis on payment history, not a three-digit score.
  • The maximum loan amount is $15,000 with a maximum monthly repayment of $250
  • Additional documentation may be requested during the review process.
  • Upon approval, all checks are made payable directly to creditors (source of need) and not individuals (borrowers).
  • HFLA must be listed as a lien holder on the automobile title.
Debt Consolidation

Qualifications:

  • Live in Cuyahoga, Lake, Lorain, Geauga, Mahoning, Medina, Portage, Summit, or Trumbull County.
  • Have an income with the ability to repay the loan on a monthly basis.
  • Lack the ability to obtain the needed funds from a conventional lender like a bank or credit union.
All applications require a guarantor:
  • If you are married, your spouse will be considered a co-applicant and will have to complete the Co-Applicant Form. The co-applicant will be equally responsible for the loan. 
  • The Guarantor is someone who lives outside of your home, and for whom your income/expenses are not tied. If you are applying with a spouse who is a co-applicant, a guarantor is still required. They will also be sent a separate form to complete. 

Other important things to know:

  • Financial coaching is highly encouraged and may be required for debt consolidation loans. Please reach out to us if you would like referrals.
  • Credit will be checked for all applicants, co-applicants, and guarantors with an emphasis on payment history, not a three-digit score.
  • The maximum loan amount is $10,000.
  • Additional documentation may be requested during the review process.
  • Upon approval, all checks are made payable directly to creditors (source of need) and not individuals (borrowers).
Home Repair

Qualifications:

  • Live in Cuyahoga, Lake, Lorain, Geauga, Mahoning, Medina, Portage, Summit, or Trumbull County.
  • Have an income with the ability to repay the loan on a monthly basis.
  • Lack the ability to obtain the needed funds from a conventional lender like a bank or credit union.
All applications require a guarantor:
  • If you are married, your spouse will be considered a co-applicant and will have to complete the Co-Applicant Form. The co-applicant will be equally responsible for the loan. 
  • The Guarantor is someone who lives outside of your home, and for whom your income/expenses are not tied. If you are applying with a spouse who is a co-applicant, a guarantor is still required. They will also be sent a separate form to complete. 

 Other important things to know:

  • Credit will be checked for all applicants, co-applicants, and guarantors with an emphasis on payment history, not a three-digit score.
  • The maximum loan amount is $10,000.
  • Our home repair loans can only be utilized by homeowners for the main place of residence.
  • Additional documentation may be requested during the review process.
  • Upon approval, all checks are made payable directly to contractors (source of need) and not individuals (borrowers).
Business Loan

HFLA Business Loans address small businesses and start-ups' need for capital when traditional lenders are unwilling to take on the risk.

HFLA’s 0% interest loans enable businesses to meet demand and grow their company.

Qualifications: 

  • Live and do business in Cuyahoga, Lake, Lorain, Geauga, Mahoning, Medina, Portage, Summit, or Trumbull counties. 
  • Have an income with the ability to repay the loan on a monthly basis.
  • Lack the ability to obtain the needed funds from a conventional lender like a bank or credit union.

 All applications require a guarantor:

  • All business loans are issued in the name of the business.
  • All owners with a greater than 20% ownership stake in the business must be guarantors.
  • Credit will be checked for all guarantors with an emphasis on payment history, not a three-digit score.

Additional information:

  • HFLA will request additional documents during the loan process
  • Additional collateral may be requested at the discretion of the loan committee/board
  • If a loan is approved, HFLA may file a lien on the company’s assets
  • The maximum loan amount is $20,000
  • There are no prepayment penalties or fees.
  • All repayments commence in the month following the initial loan disbursement.
  • The repayment schedule for Business Loans is as follows:
    • Loans up to $4,000 must be repaid within 12-15 months
    • Loans up to $8,000 must be repaid within 24 months
    • Loans up to $15,000 must be repaid within 36 months
    • Loans up to $20,000 must be repaid within 48 months
  • You will be asked to submit a detailed business projection, as well as historical financial statements like a balance sheet and income statement.  If you need assistance preparing these documents, HFLA can refer you to partners who can help.
Letter of Explanation
Like every interest free loan applicant before you, you are experiencing some type of financial burden. This is stressful for most people. The good thing is that you are taking a serious step toward solving whatever hardship you are facing. The purpose of this letter is to help us understand your situation. As a relationship lender, we care about your personal story when considering your application. Further, the overall benefits of this type of writing are tremendous. You can write on this page or a separate piece of paper. If you are inclined to write extensively, please do so-even if it’s just for yourself! If you need to do this verbally, just let us know.










Business Information

















Business Background





Loan Request Info

Standard loans are available up to $10,000. Educations loans are available up to $20,000. Business loans are available up to $20,000.






Education Loan Request Info







Vehicle Purchase Information





Primary Borrower Info























Primary Borrower Employment Info





Demographic Information
Demographic information is used by HFLA of Northeast Ohio for the application and reporting of new and existing funding sources. We do not use this information in the decision-making of the loan application. While filling out this section is optional, we do appreciate you taking the time to complete as it gives us important and accurate data on the applicants of our loan funds.











Co-applicants are required for all education loans.  Co-applicants are also required if someone you want someone else's income to be considered in the evaluation of the loan. Co-applicants will have their credit reports evaluated, and will be a signer on the loan documents.
Co-Applicant Information
Click on the 'Add Another Response' link below to add more than one co-applicant.  The co-applicant will receive an e-mail with an unique application link so they can provide their personal and financial information.  NOTE:  If you are married, your spouse must be listed as your co-applicant.






This should be answered yes if applying with your spouse.
Guarantor Info
All loans require a financial guarantor.  The guarantor will receive an e-mail with a unique application link so they can provide their personal and financial information.  Guarantors become responsible for the payment of your loan if you become more than 90-days delinquent in making your loan payment.
NOTE:  All business owners with an ownership stake of greater than 20% must be listed as guarantors.






You have not entered a Guarantor.  A member of the HFLA staff will contact you to discuss options.  Without a guarantor, this application will be deemed incomplete.

HFLA PERSONAL FINANCIAL QUESTIONNAIRE

Tax Issues





Legal Issues







HFLA BUSINESS FINANCIAL QUESTIONNAIRE

Business Tax Issues





Business Legal Issues





Privacy & Disclosures

The information in this application is for the purpose of obtaining credit and you are warranting and representing that it is true and correct. In signing this document, any borrower, cosigner, or guarantor agrees to pay all bills upon receipt or statement or as otherwise expressly agreed.

By submitting this application, you authorize HFLA of Northeast Ohio (HFLA) to obtain credit reports in connection with this application (HFLA will perform a “hard credit pull” which will appear on your credit report), modification of any loan received, or as deemed necessary, by HFLA. Upon request, we will advise you of the name and address of any agency furnishing the report. You, the borrower and any co-borrower, also authorize anyone named in this application or referenced on any credit report (including any co-signers, guarantors, employers or references) to verify any information given in this application or on the credit report.

HFLA collects nonpublic personal information about you, the borrower and any co-borrower, co-signer(s), or guarantor(s). We restrict access to your
personal information to process the loan application and collect loan payments. We maintain procedural, physical and electronic safeguards to
guard your nonpublic personal information. We do not disclose any nonpublic personal information about you to anyone, except as permitted or
required by law. We will continue to adhere to the privacy policies and practices as described in this notice even after you satisfy your loan
obligation to us. Your confidence in us is important and we want you to know that your personal information is protected. If you have any
questions or concerns, please contact us.

HFLA of Northeast Ohio is a credit reporting agency through the Credit Builders Alliance. HFLA is able assist its borrowers build a positive
credit history, by having your loan payments reported to the credit bureaus. We can also provide referrals to various nonprofits that offer
free credit counseling. It is important to note that if you default on your loan, it will be reported as a delinquent account on your, your
co-borrowers', and guarantors' credit reports.

By signing this form, you certify that the information you provide in the application is true, and that you agree with HFLA ’s aforementioned
policies.
*By typing your name below, you are signing this application electronically. You agree that your electronic signature is the legal equivalent of your manual signature on this application.



What is your role that allows you to sign the application on behalf of the business?
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