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credit builder loan - Taala Fund

“Our first teacher is our own heart”
by Cheyenne

credit builder loan

 

About:

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.

Eligibility Guidelines:

  • 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.

Loan terms:

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.

Steps:

  • Pre-Loan
    • 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
    • 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.
  • Post-Loan
    • 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