Performance Bond - RAP Program
What are credit only performance bonds?
Credit only performance bonds are designed for small and growing contractors handling contracts under $750,000 in size and are ideal for those with a strong credit history. Unlike traditional performance bonds, credit only performance bonds for contractors require solely a simple credit check to get bonded—eliminating the need for financial statements, tax returns, and detailed underwriting.
Within minutes, NNA Surety offers quick approvals for credit only construction bonds, including bid, performance, and payment bonds.
Traditional vs. Credit Only Performance Bonds
| Feature | Traditional Performance Bond | Credit Only Performance Bond |
|---|---|---|
| Approval Time | 3-5 business days | Within minutes |
| Paperwork Required | Contractor questionnaire, financial statements, work-in-progress schedule, etc. | Minimal information needed: application and credit check |
| Application Process | Thorough | Convenient and quick processing |
| Ideal for | Individual contracts exceeding $750,000, Aggregate bonding capacity need of over $750,000, Complex contracts | Smaller projects, fast turnarounds, quick approvals |
Get a free quote for a credit only bond online or by contacting NNA Surety at 855-737-0193.
How much is a credit only performance bond?
The premium for a credit only performance bond is 3% of the total bond amount.
NNA Surety offers coverage of up to $750,000, including flexible options for individual and aggregate credit only performance bonds.
Check out our traditional performance and construction bonds if you need coverage of $750,000 or more.
What's the process to get a credit only performance bond?
Getting bonded with NNA Surety is quick and easy. Fill out our online application form and receive your personalized free quote for a credit only bond within minutes.
For further assistance or questions, contact our expert NNA Surety team at 855-737-0193.
What else should I know about credit only performance bonds?
While credit only bonds are ideal for streamlined projects, there are some exclusions. These surety bonds are designed for fast-paced projects, so long-term obligations such as service contracts are not eligible. Additionally, some specific accounts and bond types are excluded.
We offer various traditional construction bond options for projects that fall outside the credit-only guidelines. Explore our full range to find the bond that fits your needs.