ABOUT THIS LOAN

A Quinault Credit Office Loan is a loan that is designed to assist employees of the Quinault Indian Nation and QIN entities and businesses.

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LOAN SIZE

$100 - $5,000 and loan limit depends on years of employment.

        

COLLATERAL

This is an unsecured loan.

      

USE OF LOAN PROCEEDS

There are no requirements or conditions.

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BORROWER EQUITY

None required

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INTEREST RATE

Taala Fund charges 10% interest rate for employee loans.

 

LOAN REPAYMENT/TERM

The loan repayment is via payroll deduction and the loan must be paid off within two years

 

PAST LOAN DEFAULTS 

Employee applicants who have defaulted on prior loans with Taala Fund or QIN are not eligible until they have paid the defaulted loan in full, including penalties, interest and collection costs.

 

AUTO DEDUCTIONS 

Employees are required to make automatic deductions from their payroll check.

 

CLOSING FEE

There is no closing fee.

 

OTHER FEES/COSTS

The borrower is responsible for paying the cost of legal, filing, appraisal, collection, and other costs associated with loan collections as a result of loan default.

 

NSF FEE

An NSF fee of $50 will be charged for each payment made by check and subsequently returned to Taala by the borrower’s bank. 

 

LEGAL JURISDICTION

Loan documentation is subject to the legal jurisdiction of the Quinault Indian Nation

 

LOAN AGREEMENT

A Quinault Credit Office loan agreement will be in place for each borrower during the life of the loan and it will be signed by the borrower at closing.

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Other loan products may be developed and added following approval of the Board of Governors.

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