Ada Developers Academy Loans

Loans to assist with living expenses while in Ada

Craft3 and Ada Developers Academy have teamed up to offer an affordable loan for participants. Anyone enrolled in the program becomes eligible to apply for an affordable loan of up to $14,700 for up-front funds for the transition to Ada plus living expense during the instruction session.

This loan is very accessible. Loan repayment begins after instruction and internship terms are complete and features inclusive approval criteria - even to those with less than perfect credit scores.

***The application window for cohort 12 will open on 6-17-19***

Loan Features and Benefits

• Loans up to $14,700
• Interest rate of 4.50% (4.93% APR)
• Five-year term
• No payments due until program and internship are completed (12 months)
• Loan accessible to most applicants

Sample Loan Terms

Interest Rate	4.50% (4.93% APR)
Repayment Terms*	No monthly payments required during 12-month ADA Program term (finance charges accrue from date of loan funding), followed by 4-year repayment term.
Example	$14,700 + $200 loan fee = $14,900 Loan Amount. No monthly payments required for 12 months, followed by 48 monthly payments of $355 each.

*Finance charges accrue during deferred payment period. Repayment term begins immediately if borrower withdraws from ADA. Loan availability, terms and conditions current as of 6/25/18 and are subject to change. Loan example includes lender loan fee of $200. Not all applicants will qualify.

Craft3 will begin accepting loan applications for Ada Cohort 12, on June 17, 2019. The partnership with Craft3 is structured such that Ada is responsible for raising the money to be used for the loans and Craft3 responsible for making the loans. Due to the limited funds available for Cohort 12, Craft3 will make reasonable efforts to review applications in the order in which they are received. Any applications that are not completely processed before the available funds have been committed will be added to a waiting list. If Ada can raise additional funds for this loan program, the wait list will be reviewed. The review of loan applications will restart based on the order of placement on the waiting list and the amount of new funds. For more information on Ada’s fundraising effort for Cohorts 12 and 13 or to invest, please go to https://www.adadevelopersacademy.org/donate.