Q: Who can get loans from Spokane Tribal Credit?
A: To be eligible for a loan, applicants must be Spokane Tribal members over the age of 18.
Q: How does Tribal Credit determine the approval of loans?
A: The primary factor in loan approval/denial is a customers debt to income ratio. This is all of your monthly payments (rent/mortgage, car insurance, car payment, loan payments, credit card payments, etc.). Applicants who do not have payroll deduction capabilities or prior payment history cannot have a debt to income exceeding 41%. If the applicant does have payroll deduction capabilities and good payment history they cannot have a debt to income exceeding 45%.
Q: Why does Tribal Credit run my credit if my credit score isn’t the primary factor?
A: We run credit reports to verify applicants debts and we use the credit score as a secondary factor if an applicant is borderline with their debt to income ratio. The credit reports we run are good for a year so the same report can be used for multiple loan applications within that year.
Q: Who approves the loans?
A: The Tribal Credit Committee approves and denies all loans. They meet once a week to review loan applications.
Q: When will I know if I am approved?
A: Loans turned in during the week before the close of business on Friday will be processed the next week, typically getting approved or denied by the Credit Committee on Thursdays.
Q: What if I am behind on my loan?
A: We can work with you to set up a payment plan to get caught up on your loan or you can refinance to bring your loan current, no additional money disbursed.
Q: What does it mean that my loan is in bad debt?
A: It means your loan went into default and you were taken to Tribal Court for your debt. Tribal Credit has the authority to garnish your per capitas and possibly wages to repay the debt. You may not be eligible for future loans until your debt is paid off or your debt is refinanced to take out of bad debt.
Q: What if I cosigned for someone’s vehicle and it is on my credit report but they pay for it?
A: If that is the case then we need a statement from that person saying they pay for it and a copy of their most recent pay stub.