The New Road Loan Programs allow us to make loans to credit-challenged Members to get and maintain reliable transportation. The interest rate will automatically decrease by 0.25% after each 3 consecutive on-time payments throughout the term of the loan.
Done in partnership with local employers, these affordable small-dollar loans help credit challenged Members meet emergency needs. This program requires financial coaching and auto-payment deduction from the Member's paychecks.
A microloan that is designed to assist credit challenged members gain access to an affordable small-dollar loan ($300 - $2000) which helps to meet emergency needs such as auto repairs, new tires, home repair, unexpected bills, etc. while building credit at the same time. The loan program is supported with financial coaching to help manage credit, build a sustainable budget and encourage savings. Approval is based on ability to pay and not a credit score.
A share/certificate secured loan designed to build or help repair a Member's credit score. As the Member pays off the loan in a timely fashion, they are also building or improving their credit score.
In partnership with Construct Inc., Greylock Federal Credit Union is offering a dedicated rental assistance loan for Great Barrington and Lenox residents adversely affected by COVID-19 whose income is up to 100% of the area median income. Please go to constructinc.org to complete an application, which is available in both English and Spanish.
A special unsecured personal loan that is designed to assist credit challenged members pay off predatory loans and/or consolidate debt into an affordable payment which improves monthly cashflow. The maximum amount is $5000 with a 4 year term. The loan program is supported with financial coaching to help manage credit, build a sustainable budget and encourage savings. Approval is based on ability to pay and not a credit score.