The Loan Process

1) CHOOSE

Choose your loan type, ensuring that you can adhere to the repayment and guarantor requirements.

2) APPLY

Fill out the online Loan Application Form and Borrower Budget and ask your guarantor(s) to complete their application(s) online as well.  Please note: Our website is secured with an SSL certificate so that your confidential information is safe and encrypted on submission.

3) APPLICANT INTERVIEW

Within two business days of submission of ALL documents associated with your application, an HFLA director will contact you to set up an in-person interview. Likely two directors will meet and interview you.

4) GUARANTOR INTERVIEW(S)

Your guarantor(s) will be interviewed, usually by phone, to confirm their eligibility.

5) WAIT

Once all interviews have been completed, the HFLA Board of Directors will review your application in a strictly confidential meeting. The Board normally meets twice per month.

6) SIGN

If your loan is approved, you will need to sign a promissory note (legal document) committing to repay the loan. Your guarantor(s) will also need to sign legally binding guarantees, committing to repay your loan if you are unable to do so.

7) RECEIVE

HFLA requires a Pre-Authorized Debit (PAD) Agreement to retrieve monthly loan payments automatically. Be sure to bring a void cheque when you come to sign the documents. Once all paperwork is signed, you will receive your loan.

8) REPAY

You will need to begin making payments within 30 days of receiving your loan. All loans must be repaid in full no more than 40 months after the loan is received.