Introducing our new Credit Builder Program

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**

*APR = Annual Percentage Rate. Rate based on creditworthiness of individual applicant and subject to change without notice.
Example Payment: 11 monthly payments of $99.29 per $1,000 borrowed at 18% APR.
**Processing fee must be paid at the time of application and proof of payment must be submitted with documents.
***All decisions regarding extension of credit are based on Loan Officer discretion. The Credit Union withholds the right to review all aspects of creditworthiness during loan processing including, but not limited to, previous BAFCU loan history and recent share account history