Do you report my loan to the credit bureaus?

Yes, we report credit for all of our borrowers to the three main credit bureaus (Equifax, Experian, and TransUnion). This enables our borrowers to build, maintain, or repair their credit with our interest-free loans. Guarantors and cosigners may opt in to our credit building program.


Can I make a donation to HFLA?

Of course you can! If you are moved by our mission and interested in helping other Northeast Ohioans, please click here.


What happens when I pay my loan off?

When your loan is paid off, you and your cosigner/guarantor(s) will receive a notification via mail. If you monitor your account online, you will also see the $0 balance reflected. You credit report will show our loan as paid and closed.


Are there penalties for paying my loan off early?

There are not! However, HFLA of Northeast Ohio encourages our borrowers to pay extra on accounts that may be charging you interest (ex: car loan, credit card) vs. our interest-free loans.


Can you debit payments from my bank account/paychecks?

While HFLA cannot currently pull funds from your account or paychecks, we do accept cash, checks, and money orders. Our loan management software also allows you to pay online via debit card, but there will be a "convenience fee" of the lesser of 2% (of the payment) or $5.


Will I receive a check from HFLA of Northeast Ohio?

All checks are written to the source of the need, not to our borrowers. HFLA can mail checks to these places, or you may pick them up to hand-deliver, when appropriate.


My loan has been approved! What happens next?

Please allow our staff a few days to get the paperwork ready for you and your cosigner/guarantor(s). We will contact you when the paperwork is ready, and determine the best way to get these documents executed (either in-person at our office, or remotely via a notary).


Why must I come to a loan committee?

All final loan decisions are made by HFLA of Northeast Ohio’s loan committees. These decisions are based on your financials, but also off of you and your story. We want to meet our borrowers and understand their situations! We meet twice a month and require our applicants to come in for a brief (15-20 minute) interview. If you are far out of our service area or have difficulty with transportation, our programmatic staff will make alternate arrangements with you.


How long does it take to process an application?

It typically takes 5-10 business days to process a complete application. However, this process may take longer if an application is turned in without complete information or supporting documentation.

Business loan requests do require much more paperwork, and it does take us a bit longer to review these loan packets! We will do our best to keep you informed throughout the review process so that you know where you stand.


Should I bring my application to your office?

We hate to see people make unnecessary trips! If you qualify to apply, you can fax your application and supporting documents to us at 216-378-9007, scan it to team@interestfree.org, or mail it to us at 23300 Chagrin Blvd. Suite 204, Beachwood, OH 44122.

If you live or work close by, you may bring your application in, but please call us first at 216-378-9042 because we are a small office and want to be sure that someone is here to receive your paperwork.