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credit builder loan - Taala Fund

“A very great vision is needed and the man who has it must follow it as the eagle seeks the deepest blue of the sky.”
by Crazy Horse

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