Bay Atlantic Federal Credit Union is pleased to offer the following credit assistance program as a benefit of membership with the credit union. Eligibility conditions include:

• Applicants may apply for up to $1,000, with an 11 month term.

• 18.00% APR*

• $50 Non-Refundable processing fee**

• Applicants must have an active share account at least 6 months old and must be in good standing at time of loan processing, with no negative balances and/or delinquent loans.

• Applicants may NOT have more than 2 Credit Builder loans at one time and must be at least 6 months apart from prior loan (regardless of early payoff).

• Applicants must have active direct deposit into a BAFCU share account prior to loan disbursement.

• Applicant must have 2 years continuous employment, social security, permanent disability, and/or retirement income.

• No credit report will be pulled at time of initial loan inception, however a credit report will be required prior to any subsequent Credit Builder loans, at which point the credit report will be reviewed to determine whether applicants are eligible for a standard BAFCU Signature loan.*** Applicants must not be in bankruptcy.

• No cooldown period between BAFCU Signature loans and Credit Builder Loans

  • (i.e. Applicants may apply for Credit Builder loan upon receiving adverse action on standard Signature loan, however all other eligibility conditions apply)

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Applications will not be accepted or processed until all the following documentation has been received:

• Completed Application

• Proof of 2 years 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 (where applicable)

  • (This can be retrieved online via www.ssa.gov)

• $50 Non-Refundable processing fee**

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Applications must be submitted in person, by fax, or by mail.

For assistance, please contact our Lending department directly at 856-696-2525 ext 6011