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.

***Craft3 will begin accepting loan applications for Ada Cohort 10, starting June 25, 2018.

Loan Features and Benefits (for Ada cohort #10 participants)

• Loans up to $14,700
• Interest rate of 4.50% (4.93% APR)
• First disbursement available up to two weeks prior to program start
• 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, applicable to Ada cohort #10 participants and are subject to change. Loan example includes lender loan fee of $200. Not all applicants will qualify.

***The funds, which are provided by Ada and to be used for Cohort 10 loans, are limited and not yet sufficient to fund all loans if every person in that Cohort applied and was approved for the maximum loan amount.  To address this in an equitable way, Craft3 will make reasonable efforts to review loan applications in the order in which they are received.  However, please be advised that the time it takes to complete such reviews applications can vary for a number of reasons, including the need for additional information from applicants, and that not all completed and reviewed loan applications are guaranteed to be approved. Applicants whose reviewed applications qualify and are approved will receive disbursements of the approved amounts from the then available funds. Any loan applications that are not fully processed (i.e., up through decisions on being qualified and approved) before the available funds have been committed for previously approved loans will be added to a waiting list.  If Ada is able to raise enough new funds for this loan program, the review of those loan applications on the waiting list will be restarted based on the order of placement on the waiting list and the amount of the additional new funds and assessed for whether they are qualified and approved for funding.  If you would like more information about Ada’s efforts to raise funds to support Cohorts 10 and 11 or to invest, please go to www.adadevelopersacademy.org