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Loan Program

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, and more.

** As of October 1, 2024, auto/car purchase loans will be on pause for six months. We will provide an update on the future of these loans on March 1, 2025. **

Qualifications:

Live in Cuyahoga, Lake, Lorain, Geauga, Medina, Portage, or Summit 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.
Required documents to be submitted include:

Two months of your (and your co-borrower's/guarantor's) personal bank statements
Most recent tax return (for both you and your co-borrower/guarantor)
Proof of all monthly income, such as pay stubs, retirement income, and/or public benefits
Household budget sheet (template will be provided to you)
Documentation of the loan purpose (for example: estimate of the needed home repair, invoice from your mechanic)
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. These loans are need-based. PLEASE NOTE: The student is always the primary borrower, not the parent, even if the parent will be the one to make the loan payments. The parent in this situation would be the co-borrower.

** As of October 1, 2024, auto/car purchase loans will be on pause for six months. We will provide an update on the future of these loans on March 1, 2025. **

Qualifications:

All Pell Grants and subsidized and unsubsidized loans available to the student must be utilized first. Education loans can be used for:

o Traditional 2- and 4-year degrees

o Graduate and post-graduate studies

o Certification programs (ex: CDL classes, plumbing, welding)

o Trade school tuition

o Coding boot camps and other accredited “short-term” programs

o 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 made out directly to the school
Documents that will be required with your application include:

o Two months of your personal bank statements (for both you and your co-borrower)

o Most recent tax return (for both you and your co-borrower)

o Proof of all monthly income, such as pay stubs, retirement income, and/or public benefits (for both you and your co-borrower)

o Household budget sheet (template will be provided to you)

o Student account summary (We need to see all charges, payments, and remaining balance for the semester(s) you're requesting the loan. Pretend you were trying to pay it in cash. How would you find out how much you owe?)

o Financial Aid Award Letter

Debt Consolidation

HFLA 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.

** As of October 1, 2024, auto/car purchase loans will be on pause for six months. We will provide an update on the future of these loans on March 1, 2025. **

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 and co-applicants/guarantors with an emphasis on payment history, not a three digit score.
The maximum loan amount is $10,000
Required documents to be submitted include:

Two months of your (and your co-borrower's/guarantor's) personal bank statements
Most recent tax return (for both you and your co-borrower/guarantor)
Proof of all monthly income, such as pay stubs, retirement income, and/or public benefits
Household budget sheet (template will be provided to you)
Documentation of the loan purpose (statements of debt for which you are applying for consolidation)
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

HFLA 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.

** As of October 1, 2024, auto/car purchase loans will be on pause for six months. We will provide an update on the future of these loans on March 1, 2025. **

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.
Required documents to be submitted include:

Two months of your (and your co-borrower's/guarantor's) personal bank statements
Most recent tax return (for both you and your co-borrower/guarantor)
Proof of all monthly income, such as pay stubs, retirement income, and/or public benefits
Household budget sheet (template will be provided to you)
Documentation of the loan purpose (statements of repair estimates or invoices)
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 owner.
All owners with a greater than 20% ownership stake in the business must be guarantors and must provide the same personal supporting documents as the primary owner.
Credit will be checked for all guarantors and co-borrowers with an emphasis on payment history, not a three-digit score.

Additional information:

HFLA will request additional documents during the loan process. This includes the most recent tax return for both the business and the owners. This is a requirement to move forward with the application.
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 overview of your business. This will include financial documents such as a business projection and historical financial statements like a balance sheet and income statements. If you need assistance preparing these documents, HFLA can refer you to partners who can help. In addition to these three documents, we will ask to see the following:

Operating Agreement
Proof of current insurance for the business
Lease agreement (if applicable)
Business plan (optional but very helpful)
Most recent business tax return
Two most recent months of business bank statements
Resumes of all business owners
Statement and details of business debt
Personal and household financial information in the form of:

Two most recent months of personal bank statements
Personal tax returns
A household budget (template will be provided to you)
Pay stubs or proof of any additional income that the applicant is receiving
Statement and details of personal debt
If there is additional household income that you would like us to consider in your application (such as spouse/partner income), we will ask to see documentation of that income and recent bank statements

Additional collateral may be requested at the discretion of the loan committee/board
While HFLA does support start-up businesses, we do not give loans to just "an idea". The business needs to show income and expenses from at least three months prior to the application.

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.

* As of October 1, 2024, auto/car purchase loans will be on pause for six months. We will provide an update on the future of these loans on March 1, 2025. **

Please explain your current financial emergency and the events that caused it.

In addition to applying for this loan, what steps are you taking to recover from your current financial situation? Please outline those steps.

How will this loan help you overcome your emergency?

Is there anything else we should know? Tell your story.

Do you currently have a savings account?

Do you regularly check your credit report/score?

Do you make regular deposits into your savings account?

Start Form Response ID

Start Response ID NULL?

Source

Business Information

Business Name (Legal Name)

Business Name (Doing Business As)

Business Tax ID (EIN)

Business Start Date (Must be XX/XX/XXXX format)

Business Phone Number

Business Email

Business Website

Business Street

City

State

Postal Code

# of Years at this Address

Do you rent or own the business property?

Is this business a minority, woman, or verteran-owned business?

Current Number of Employees

Will this loan create new jobs?

If new jobs, how many will be created?

Business Background

What products & services do you offer? Give an overview of your business and where we can find out more information

Who is your target market/audience?

What is your marketing strategy?

How will you use the loan funds? Please quote accurate amounts and costs of needed supplies.

Is there anything else you'd like to share about your business?

Loan Request Info

Amount Requested:

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

Loan Purpose:

How did you learn about us:

Did you apply to a bank or other sources for a loan

If not, why not?

If you were denied for a loan from a financial institution and received a denial letter, please provide a copy

If you were approved for a loan but decided not to utilize that loan, please explain why

Education Loan Request Info

PLEASE REMEMBER THAT THE STUDENT IS ALWAYS THE PRIMARY BORROWER AND THAT A CO-BORROWER IS REQUIRED FOR THIS LOAN.

School Attending

Year in School

Who will be making the monthly loan repayments?

Note: Sometimes, when a parent is helping their child pay for higher education, they make the monthly payments toward this loan. We need to know if that co-borrower will be making the payments or if the primary borrower (the student) will be making the payments.

Major/Program

Full or Part-Time?

Expected Graduation Date

School Address

Vehicle Purchase Information

Vehicle Year

Make

Model

If refinancing an existing auto loan, please provide the balance of loan $

Current Loan Servicer

Primary Borrower Info

First Name

Last Name

Previous Name(s) if Applicable

Email

Mobile Phone

Home Phone

Preferred Phone

Best way and time to reach you

Date of Birth(MM/DD/YYYY)

Social Security #

Marital Status:

Household Type:

Number of dependents

Do you rent or own (please pick one):

Gender:

Pronouns

Address

City

State

Postal (Zip) Code

# Years at address

# Years in Ohio

Previous Address

Primary Borrower Employment Info

Current Employer

Employer Address

Employer Phone #

Occupation/Title

# Years at job

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 there is always the option of choosing "Prefer not to answer", we do appreciate you taking the time to complete this information as it gives us important and accurate data on the applicants of our loan funds.

Race

Ethnicity

Gender

Work Status

Religion

Education

Non-Cash Benefits

Disability Status

Citizenship Status

Military Status

Veteran Status

Are you Applying with a Co-applicant?

Co-applicants are required for all education loans.

If your spouse lives with you and you share income and expenses, they are required to be a co-applicant on any standard or education 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.

Co-applicant’s First name

Co-applicant’s Last name

Co-applicant’s Primary Phone #

Co-Applicant Email

Relationship to Primary Borrower

Co-applicant's Social Security Number

Should this co-borrowers income be included in your household income calculations?

YesNoThis should be answered yes if applying with your spouse.

Guarantor Info

All standard 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.

Guarantor First Name

Guarantor Last Name

Guarantor Primary Phone

Guarantor Email

Guarantor's Social Security Number

Guarantor Address

Business Ownership Percentage

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.

Guarantor Validation

Required Document Uploads

For all HFLA Loans, we require certain supporting documents to verify the purpose of the loan and your ability to repay. If you have questions about these documents or are having trouble uploading, please reach out to support@hflaclev.org.

Proof of Income

Education Loans: Please upload both the student's (if applicable) and the co-borrower's two most recent pay stubs. NOTE: All education loans require one cosigner. Cosigners share a joint responsibility to the debt, and we can consider the cosigner's income if the student does not have any. Please see our FAQs located on our website linked HERE for more information.

Standard Loans (which includes auto purchase, auto repair, home repair, and debt consolidation): Please upload the two most recent pay stubs for the borrower, co-borrower, and/or guarantor. NOTE: All standard loans require a guarantor which is someone who lives in a separate household and must have the ability to repay the debt, in the event that the borrower defaults on the loan. Please see our FAQs located on our website linked HERE for more information.

Business Loans: If the business owner has regular income that is separate from the business, please upload the two most recent paystubs. HFLA staff will collect all business income documents at a different stage of the application process.

Borrower Proof of Income 1

Borrower Proof of Income 2

Co-Borrower Proof of Income 1

Co-Borrower Proof of Income 2

Guarantor Proof of Income 1

Guarantor Proof of Income 2

Tax Returns

The most recent tax returns for applicants, co-borrowers, and guarantors are required to be submitted for ALL HFLA loan types, including Education, Standard, and Business applications. Please upload at least the first two pages on your IRS Form 1040 below. HFLA staff will only accept outdated (tax year 2022 or older) tax returns under extenuating circumstances. Please reach out to us at team@hflaclev.org with any further questions.

For Business applications, please be sure you are submitting both your business tax return and your personal household tax return.

Borrower Tax Return 1

Borrower Tax Return 2

Co-Borrower/Guarantor Tax Return 1

Co-Borrower/Guarantor Tax Return 2

HFLA PERSONAL FINANCIAL QUESTIONNAIRE

Do you or your co-applicant(s) have unfiled tax returns or outstanding tax liabilities?

Tax Issues

Amount(s) owed: $

If yes, for which year(s)?

Have you established a payment plan?

Please explain tax issues here

Are you or your co-applicant(s) subject to any pending lawsuits or legal judgements?

Legal Issues

Please provide an explanation of any lawsuits or judgements

Amount: $

Are you or spouse/partner filing for divorce?

Please explain:

Have you or any of your co-applicants
filed for bankruptcy?

If yes, please indicate the type and details of bankruptcy

Please provide any additional information you'd like us to consider

HFLA BUSINESS FINANCIAL QUESTIONNAIRE

Does your business have any unfiled tax returns or outstanding tax liabilities?

Business Tax Issues

Business Tax Amounts owed: $

If yes, for which year(s)?

Have you established a payment plan?

Please explain business tax issues here

Is your business subject to any pending lawsuits or legal judgements?

Business Legal Issues

Please provide an explanation of any lawsuits or judgements against your business

Business Lawsuit/Judgement Amount(s): $

Has your business filed for bankruptcy?

If yes, please indicate the type and details of the business bankruptcy

Please provide any additional information you'd like us to consider

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 the credit report for applicants, co-borrowers, and guarantors), 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.

Borrower Signature*

Date

Signing Authority

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

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.

Privacy & Disclosures

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.