Build Your Credit with Bay Atlantic!
Effective January 1st, 2020, we will no longer be offering our No Credit Check loan product.
Bay Atlantic FCU is pleased to offer a new Credit Assistance program as a benefit to our membership! Whether you have no credit history, or a colorful credit report, our Credit Builder Program can help get you on track to better borrowing.
Members can apply for up to $1,000 at a set 18.00% APR* with 11 month repayment term and a $50 non-refundable processing fee.** No credit report will be pulled!
|Applicant Must:||Applicant Must Not:|
|-Have an active share account that is at least 6 months old||-Have negative account balances|
|-Be in good standing at the time of loan processing||-Have delinquent BAFCU loans|
|-Have 2 years of continuous employment, social security, permanent disability, and/or retirement income||-Be in bankruptcy***|
|-Have active direct deposit into a BAFCU share account before the loan is disbursed||-Have more than 2 Credit Builder loans at one time, with at least 6 months between loans (regardless of early pay-off)|
No credit report will be pulled at time of initial loan inception, however a credit report may be required prior to any subsequent Credit Builder loans. At which point the credit report will be reviewed to determine whether member is eligible for a standard BAFCU Signature loan, which may be for a higher amount at a lower rate!
If the member is not eligible for a standard Signature Loan, they can meet with a BAFCU financial counselor to review ways they can improve their report.
|To apply, you must submit:|
|-Completed application (available at BAFCU office)|
|-Proof of 2 year’s continuous employment (i.e. W2’s for previous 2 years, or letter from employer documenting start date)|
|-2 current paystubs|
|-Social Security (1099) and/or pension award letters for previous 2 years|
|$50 non-refundable processing fee**|