credit builder loan
The credit builder loan is designed to assist our customers to improve their financial well-being. Credit-builder loans can be used to pay off collections, consolidate debt, and reduce interest rates, and improved family discretionary dollars. The credit builder loan has a maximum amount of $10,000.
- Loan applicant must be a resident of the Quinault Indian Reservation or an enrolled member of the Quinault Indian Nation.
- Applicant must complete an assessment and application, have verifiable income, complete a personal budget, and attend a financial education and credit class.
- Applicant must have completed a five-year financial plan outlining how his or her personal finances will improve.
Loans up to 48 months, maximum up to $10,000, interest rate currently ranges from 7.75% to 13% (rates may change on a quarterly basis based on the federal prime rate.) Collateral value after discount must be at least 50% of loan amount.
- Schedule a meeting with the Loan “Coach” to assess customer’s needs and go over loan application
- Complete financial education and credit training.
- Complete loan application, including all required attachments.
- Create a five-year financial plan.
- Loan Committee approves loan.
- Sign loan documents & secure collateral.
- Proceeds of loan are paid directly to verified past-due creditors.
- Automatic payments, if applicable, are set up.
- Meet with Taala Fund Financial Advisor monthly or as otherwise indicated in the loan agreement documents.
- Run annual credit checks and review with customer.
Credit Builder Application