HOW TO APPLY FOR YOUR LOAN
As a Quebec resident aged 18 or older with a demonstrated financial need, you may qualify for one of our HFLA interest-free loans.
To apply and learn about the loan approval, closing, and repayment process, follow the step-by-step instructions below. Your confidentiality is preserved throughout the loan process.
Find the HFLA loan that’s right for you
Review the interest-free Loan Program page page, which covers a variety of needs and opportunities, and select the loan that suits you best.
Create your account
When you create your account, you will be given a dashboard. This dashboard allows you to see the status of your application, answer any questions the HFLA Admin team may have regarding your application, create endorsers (if required), and ask the HFLA Admin team any questions.
Complete & submit your loan application
You will need two pieces of identification, the medicare card number for you and your spouse/life partner (if applicable), and any documents that support your loan request (e.g., a credit card statement, a dental bill, or a quote for repair work).
We will start processing your application when we receive all three of these components. Complete and submit your loan forms, with the required documents, and ensure your endorser(s) does the same
The HFLA reviews your loan application
Upon receipt of your loan application, the HFLA Admin team will review it. Any questions regarding your application will be emailed to you, and your dashboard will allow you to answer questions, ask questions, see your status, and create your endorsers (if required).
Your endorser must meet certain requirements and is legally responsible, along with you, for repaying the unpaid balance of the loan.
Your endorser must:
- Reside in Quebec
- Be 18 years or older
- Not be your spouse or a current borrower with the HFLA
- Not be the spouse of one of your endorsers. One person of a married couple may be an endorser, but not both
Note: An endorser may endorse more than one loan, provided (s)he is capable of repaying all the loans, and the outstanding loans are not delinquent.
Each endorser is bound solidarily with you, the borrower, to repay the unpaid balance of the loan should you be unable or unwilling to do so. Please ensure that your endorser understands his/her legal responsibility prior to obtaining their endorsement.
Depending on the loan amount requested, you will need the following number of endorser(s)
| Loan Amount | # of Endorsers |
|---|---|
| $ 3,000 and less | 0 |
| $ 3,001 to $6,000 | 1 |
| $ 6,001 - $15,000 | 2 |
* endorser requirement is subject to the discretion of the loan committee
Loan approval and closing, including repayment
Upon approval, we will email you the following three documents for you to sign and return to us;
- - Promissory Note (this also needs to be signed by your endorser(s)
- - Debit Agreement
- - Use of Funds Agreement
- - Void cheque from your financial institution
Upon receipt of these materials, HFLA will issue your Loan Cheque. Your first repayment date is one month following the loan deposit date and continues every month thereafter until the loan is paid in full.
You will need to email the HFLA office the following materials to receive your loan cheque:
Documents signed by you:
- Promissory Note (you will also need to obtain the signature(s) of your endorser(s))
- Debit Agreement
- Use of Funds Agreement
- Proof of identification from your endorser(s): passport & a driver’s license or medicare card
If the endorser doesn’t have a driver’s license or medicare card they may submit a social insurance or citizenship card. Please make sure their personal information and signature is included on the copies. - A Void Cheque indicating your account information, from a recognized financial institution.
Once we receive and verify all the loan closing materials, we will issue your loan cheque. You can either pick up the cheque at our office or we can mail it to you.
You will need to repay your loan in monthly installments until the loan is paid in full.
Your first payment is due one (1) month from the date of your loan receipt. Your second through final payments are due every month thereafter, on that same day of the month, until the loan is paid in full.
Guidelines for Loan Amounts and Repayment Terms
| Loan Amount | Monthly Repayment Amount | # of Months |
|---|---|---|
| $750 (Mitzvah) | $30 | 25 |
| $1000 (Mitzvah) | $30 | 33 |
| $1,000 | $50 | 20 |
| $3000 | $150 | 20 |
| $6,000 | $250 | 24 |
| $10,000 | $278 | 36 |
| $15,000 | $357 | 42 |