Frequently Asked Questions

What do I do if I have questions about my loan?

Contact us either by phone or email, go to the Contact Us tab for more info.

What is a co-signer?

A co-signer is a person that agrees to join the primary borrower in being responsible for the payment and loan obligation. All co-signers are fully responsible for payment just as the borrower is.

How do I submit an application?

Click on Submit an application on the Welcome page, walk through the steps it prompts you to.

Can I Make payments online?

Yes, you can make payments anytime online. We accept eChecks, and Debit Card payments 24/7

Do I need to be Jewish to apply for a loan with HFLA?

No, you do not need to be Jewish to apply for a loan with HFLA. HFLA is a non-sectarian organization. HFLA accepts applications from anybody who lives in Northeast Ohio and is not able to acquire a loan through conventional methods.

What kind of income level must I have to apply for a loan?

We do not require a specific income level. We require that you have a monthly income and that we see that there is an ability to repay the loan. We will look at your monthly expenses versus your income, as well as your credit history.

What details should I include on the monthly expense form?

Your monthly expense form must include all payments you make during the month, even if you are delinquent on those payments. It must be filled out as accurately and fully as possible to be accepted for a loan application. The expense form can be found with the applications that you can download.

Must I have a co-signer?

All our loans require co-signers (please see application information as to how many co-signers are needed per amount). Co-signers are our one source of back up if an applicant defaults on his/her loan. Co-signers must sign a legal document that they are aware of this fact.

What criteria must a co-signer have?

A co-signer will be someone who has good credit and enough monthly income to satisfy the repayment obligations in the event that the applicant defaults on his/her loan. We want to see that if we needed to approach a co-signer that we would not be putting an unreasonable financial burden upon him/her.

How do I get an application form?

You can print an application form off of our website: . If you do not have internet access, once you have clarified that you have the co-signers you need and can meet our other qualifications, we will be happy to mail you forms.

What documentation do I need to provide?

You must fill out the application forms completely and provide all of the following documentation. PROOF OF CURRENT INCOME INCOME TAX RETURN COMPLETED MONTHLY BUDGET FORM NOTE OF EXPLANATION FOR LOAN REQUEST COPIES OF BILLS/INVOICES TO BE PAID OR OTHER DOCUMENTATION Your co-signer(s) must complete the guarantor information form and send in the following documentation: PROOF OF CURRENT INCOME OR TAX RETURN OR W-2 FORM OR OTHER

Do I need to provide identification?

In compliance with the Patriot Act, we require 2 forms of picture identification.

Do I need to come into the office?

You can email, fax, mail or bring your application into the office. If you are coming to the office and would like to speak with someone, we ask that you call and set up an appointment.

What happens once my application is in?

Once a completed application is in, the office will process it. We run credit reports on you and your co-signer(s), and evaluate all your forms. If, after reviewing your application and documentation, we determine that we need more information or documentation to evaluate your application, we will contact you. Once the application is complete, we will make you an appointment to meet with the loan committee.

How long until I know if my loan is approved?

Our loan committee meets once or twice a month depending on the need. If no additional follow-up is required, you will usually know if the loan was approved the next day. Once a loan is approved, you will be contacted and arrangements will be made to get a promissory note signed by you and your co-signers. Once the promissory note is signed, the loan can be issued.

If my loan is approved do you write the check to me?

We do not write checks directly to our applicants. We will write checks to your source of need. i.e. orthodontist office for braces, contractors for home repair, mortgage companies for delinquent payments, payday loan companies for payday loans.

What is the payback time period?

Payback begins the month after we loan the money and is as follows: 18 months for up to $3,000 24 months for above $3,000 – $5,000 36 months for above $5,000 – $10,000 (our maximum amount for loaning)

What happens if my check is returned from the bank?

Any fees we accrue from returned checks will be added to your account. If we have more than one returned check you may be asked to send us monthly money orders instead of checks.

Can I pay off my loan early?

You can always pay off your loan early. We require our clients to make their regular monthly payments and recommend if they have extra income available to pay it towards any debts they have that might accrue interest before they would increase our payment.

What happens when I pay off my loan?

Once a loan is paid off and month’s end reports are processed, we will mail you your paid off promissory note as proof of the loan being repaid and inform your co-signer that the loan has been paid in full.

Can I make a donation to HFLA?

We love FULL CIRCLE borrowers (people we have helped turning around and helping others)! We are always happy to accept donations. Donations are how our organization exists and continues to run. You can make a donation online at our website .

What makes Education loans different than your standard loans?

Full time education loans are repaid at a lower rate for the duration of time that the applicant is a student. When the borrower is no longer enrolled in school, his/her loan is due in full or turned into a standard loan.