Loans
New Road Loans
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.
Safety Net 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.
Lifeline Loan
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.
Credit Builder Loan
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.
Construct Inc. COVID-19 Rental Assistance Loans
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.
RRP Consolidation Loan
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.
BCAC C.A.R.s
In partnership with Berkshire Community Action Council and Haddad’s Auto, we have a special Community Access to Rides program. Potential candidates are referred to Greylock to participate in a robust financial education training that partners the applicant with a Certified Credit Union Financial Counselor who will work with the participant on building and/or improving credit as applicable, and the creation of a budget that supports the monthly loan payments, insurance payments and potential maintenance. When the applicant is financially fit, BCAC will guarantee their vehicle loan through Greylock and Haddad Auto will match them with a safe, clean, reliable used car that will fit their circumstances. The process starts when you contact BCAC at 413-854-3491
BCAC GROW Loan Program
In partnership with Berkshire Community Action Council, Greylock Federal Union offers microloans called GROW which stands for Get Access/Rebuild Credit/Opportunity/Financial Wellness. The GROW Program is a credit building opportunity for individuals and families in need, that guides them away from high usury rates associated with rent-to-own agreements, allowing families to save money, build or rebuild credit and maintain dignity. Financial wellness coaching is designed to suit each applicants specific needs and is done in conjunction with the microloan. The process starts when you contact BCAC at 413-854-3491
BCAC Microloan
In partnership with Berkshire Community Action Council, Greylock Federal Union offers microloans in the amount of ($500 to $1000). This is a loan program designed to assist individuals and families in need with building and/or repairing credit. It is a safe affordable alternative to high usury rates associated with rent-to-own agreements, allowing families to save money, build or rebuild credit and maintain dignity. Financial wellness coaching is designed to suit each applicant’s specific needs and is done in conjunction with the microloan. The process starts when you contact BCAC at 413-854-3491