The Credit Builder Loan, designed to repair credit damage, is often the first step for many of our clients. This consumer loan has a maximum amount of $2,500 and can be used to pay off dings in your credit such as garnishments, written off loans, or other collection items.
Eligibility Guidelines:
- Loan applicant must be an enrolled member, or enrollment pending, of the Oglala Sioux Tribe, be the spouse/partner of an enrolled member of the Oglala Sioux Tribe, or be an enrolled member of another federally recognized tribe.
- Applicant must have verifiable income for at least six months, completed personal budget, and completed the Personal Financial Skills and Credit When Credit Is Due course.
- Applicant must have completed a Credit Builder Plan outlining how his/her personal finances will improve.
- Applicant must have bank account for payments to be automatically withdrawn from.
Requirements: Proceeds of loan will be paid directly to verified past due creditors.
Terms of Loan: Up to 24 months, payable monthly via automatic withdrawal, with fixed interest rate of 15%. Collateral value after discount must be equal to 100% of loan amount.
