Loan Description: Standard Loan

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

** As of October 1, 2024, auto/car purchase loans will 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 monthly.
  • Lack of 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/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).

Apply online

If you would like to download an application to mail to HFLA, click here.

Standard Loan Application
Guarantor Application (Downloadable Application)

Featured image: Standard Loan Recipient, Cigornai. Read her story.