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 6 months so the same report can be used for multiple loan applications within that 6 months.
Q: Who approves the loans?
A: The Tribal Credit Review Team approves and denies all loans. They meet daily to review loan applications.
Q: When will I know if I am approved?
A: You should know within 3 business days as long as all required information was turned in.
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 proof from that person showing they make that payment. Proof can be copies of a check or bank statement showing the payment.