Below is the outline of the current parameters of the Ada Loan Program

Qualification Criteria

• Borrower is actively working with a dedicated representative from Ada Developers Academy.
• Borrower devised a plan to check-in with the Ada representative while the loan is outstanding.
• Borrower has a loan need under the $16,200 maximum loan threshold.
• Borrower has identified use of funds for the loan.
• Borrower has the support network to provide a safety net in the event of a financial emergency that exceeds the loan disbursals.
• Borrower will have a valid address in the states in which the program is approved two weeks prior to the first loan disbursement.
• Borrower has an active bank account.
• Borrower has an ITIN or SSN.

Loan Size & Terms

• Min Loan Term: None for WA, $3,000 for GA
• Max Loan Term: $16,200 disbursed over 6-months
• Loan Term: 5-Years: Includes a 1-Year Payment Deferral Period
• Interest Rate: 0% per annum
• Repayment Frequency/Method: Monthly via ACH