Frequently Asked Questions
Who can borrower from HFLA?
In order to qualify for an HFLA loan, an applicant must:
How much are your loans for?
We have 16 different loan programs with varying loan limits. To view our various limits, please visit the "Loan Program" section of this site.
How do I apply?
You can apply directly online. The online form should take about fifteen to thirty minutes to complete. You will then be asked to meet with a board member for an in-person interview at a mutually beneficial time and location so that they can learn more about you.
What is a guarantor? How many do I need?
A guarantor is someone who agrees to pay back your loan if you cannot.
Who can serve as a guarantor?
In order to serve as a guarantor, one must:
How long does the loan process take?
The process itself is very quick and our board meets twice a month to review applications. You will be notified within 24 hours of our board meeting as to the status of your application.
If my loan is approved, what happens next?
If your loan is approved, you will be asked to come into our office to sign a promissory note for your loan. At that time, we will also ask you for your banking information so that we can initiate the repayment process.
How do I pay back my loan?
Repyament begins within 30 days of disbursement and will be done by direct bank withdrawl. All of the specific details about your repayment will be outlined to you when you come into our office to sign your paperwork.
Are there really no fees and no interest?
Really! We are not a bank and our only desire is to help. We never charge any interest or fees on any of our loans.