With a loan from Lakota Funds, Louis Young was able to build Arrow Barber Shop, where he now gives hair cuts to the residents of the Pine Ridge Reservation.
Credit Builder Loan
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.
- 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- Applicant must have bank account for payments to be automatically withdrawn from.
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.
Download a loan application