Siletz Tribe Revolving Credit Program

The Siletz Tribe Revolving Credit Program (STRCP) provides consumer, home improvement and small business loans to qualified tribal member applicants who are enrolled members of the Siletz Tribe and meet the Program criteria.

A. The STRCP was developed in response to a number of goals and objectives established in the Comprehensive Plan of the Confederated Tribes of Siletz Indians. Its main purpose is raising the Siletz tribal member social and economic status, as well as credit worthiness, to a point where they can secure adequate financing on reasonable terms from another lender, and to finance developments for which other financing is not available through education and credit rehabilitation. Additionally, tribal members who successfully pay back their loan and meet all the criteria may apply for additional loans.

A. The STRCP and its credit administrator, Siletz Management Inc. does not offer credit counseling services or advice.

A. Yes, the STRCP only issues loans. You will sign a promissory note guaranteeing repayment to the STRCP if you receive a loan. The STRCP does not provide grants or advances on member annual per capita payments. If you miss payments or default on your loan payments it will be reported to a credit bureau and you will be taken to tribal court for garnishment.

A. Yes. The Siletz Tribe Revolving Credit Program submits monthly payment status reports of all active consumer & Home Improvement loans to TransUnion; one of the three credit reporting agencies. Should you have any questions or concerns about your Siletz Tribe Revolving Credit Program loan credit reporting to the credit bureau(s) please contact us at 1-877-564-7298. Our office hours are Monday through Friday 8:00am to 4:30pm. Fore more information please click here.

Consumer Loan

Consumer loans range from $500 to $5,000 and are designed to assist borrowers with credit improvement and management. First time borrowers may request up to $3,000. Second time or more borrowers may request up to $5,000 if they meet all the eligbility requirements.

Consumer loans may be used for a variety of purposes including consolidation of bills. If an applicant is approved for a consumer loan, the STRCP Board may require direct payment from the loan to vendors, creditors and/or other entities. Please contact the STRCP Credit Administrator for further information.

Home Improvement Loan

STRCP offers home improvement loans from $1,000 to $10,000. When applying for a home improvement loan, the applicant must meet a number of criteria.

Please see "What if I want to apply for a Home Improvement loan? Are there different requirements from Consumer Loans?" under Requirements below or contact the STRCP Credit Administrator for more information.

Check List

CTSI Programs in lieu of loan

"Tribal Administration offers a number of programs that may be a better fit than a loan through the STRCP. Follow the links below for few example CTSI tribal programs.

Home of Your Own Program
Housing Assistance
Down Payment Assistance
Low Rent Apartments/Home Ownership
Siletz Saves

Application Process

  • Applicants must submit their completed loan (see below) application to the STRCP Credit Administrator Office with the $10.00 non-refundable application fee by the monthly deadline.
  • Applications are not considered complete and will not be reviewed by the STRCP Board until the non-refundable $10.00 application fee is received.
  • Completed applications can be returned to the STRCP Credit Administrator by mail, email, fax, or it can be submitted in person by the monthly deadline.
  • *Please note, if you submit an application via fax or email, you will need to mail the application fee in the form of a check or money order. The application will remain incomplete until the application fee is received. The application fee must be postmarked no later than the application deadline.
  • Upon receiving the completed application, the STRCP Credit Administrator performs a "hard" credit check of the applicant(s) through TransUnion, calculates the applicant(s)' debt-to-income ratio (DIR) including the proposed monthly STRCP loan payment, verifies employment and income and performs any other required application review. The monthly payment and length of loan term will depend on the amount requested and is at the discretion of the STRCP Board.
  • Once the STRCP Credit Administrator determines the application packet the application is complete, it is taken to the next STRCP Board Meeting for review. Please note, all loan application discussions are done in Executive Session to ensure confidentiality.
  • The STRCP Board meets once a month with the exception of December. Loan requests will not be reviewed in the month of December. If you wish to present your application to the STRCP Board in-person or via phone please make advanced arrangements with the STRCP Credit Administrator.
  • The STRCP Board makes a decision on the loan application and the STRCP Credit Administrator then will notify the applicant of the STRCP Board decision to include the reason(s) the loan was denied if they deny it.

The STRCP Board of Directors highly recommends you download, review and report back to the STRCP Credit Administrator that you reviewed the STRCP Loan Information Summary Sheet and the STRCP Financial Information Sheet with your application. The STRCP Board considers financial education to be one of its primary missions and highly encourages each applicant to learn as much as possible about their own credit score and overall financial health.

For a summary sheet about the loan program itself and a financial summary document outlining how your credit score can impact a credit application and how much interest you will pay please download the .pdfs below.

If you want to apply for a loan please download the appropriate application below.

Requirements

A. All primary Applicant(s) must:

  • Be a member of the Confederated Tribes of Siletz Indians as evidenced by the CTSI Enrollment Department.
  • Be of legal age and a resident of the United States.
  • Be presently employed and have six (6) consistent months of employment and the income to repay the loan.
  • Be in good, current standing with the STRCP.
  • A Co-signer who is not a CTSI Enrolled Tribal Member must have a minimum FICO score of at least 700 or if the Co-signer is an Enrolled CTSI Tribal Member they must meet the eligibilty requirements set forth in the current Tribal Council approved Declaration of Policies.
  • Loan request will not be approved if the applicant knowingly falsifies his/her application or conceals his/her liabilities.
  • Loan request may not be approved if the applicant is delinquent in repayment of any Tribal loan; however, a borrower may request refinancing of a delinquent loan.
  • Please contact the STRCP Credit Administrator for more information.

A. There are three tiers for consumer loans. Tier 2, Tier 1 and Premium. To qualify for any of these tiers the applicant must meet all the criteria in the tier.

Tier 2
Requires 50% or less Debt-to-Income Ratio
FICO Score of 430 - 529
Loan Amount Up to $1,500
APR of 2% above the STRCP Board of Directors currently established base interest rate.

Tier 1
Requires 47% or less Debt-to-Income Ratio
FICO Score of 530-699
Loan Amount Based on Loan Type
APR equals STRCP Board of Directors currently established base interest rate.

Premium
Requires 40% or less Debt-to-Income Ratio
FICO Score of 700+
Loan Amount Based on Loan Type
APR of 1% below the STRCP Board of Directors currently established base interest rate.

The Board reserves the ability to waive the FICO requirement when one is unavailable. The loan request may be approved to build credit worthiness of client. The Board reserves the right to adjust the interest rate for loan applicants based on their credit score & overall credit risk.

A. The applicant proposed DIR and FICO should meet the standards listed in the tiers above. Additionally, any previous loan(s) had to be successfully paid back in full with no more than five delinquent payments over the course of the loan. In case of previous loan default and/or default payment(s) through per capita garnishment, applicant must wait three years from the date the loan is paid back in full to be eligible to apply for next loan. Or, if the previous loan has less than 10% principal balance remaining and the borrower(s) meets all necessary requirements listed in these policies they may apply for a another loan. The remaining balance on previous loan (payoff amount) will be paid for (and loan closed out) utilizing principal from the loan.

A. Yes. In addition to meeting the consumer loan requirements applicant must meet the following conditions:

  • Application must be accompanied by at least two (2) written bids from an independent contractor clearly defining what work is going to be performed.
  • Contractor must provide permit. The Bid shall include a detailed description of materials, number of units, price per unit and the total cost of material cost.
  • The bid shall also include a listing of workers indicating their trade, hourly rate and total labor costs.
  • The application includes clear evidence of title, proof of insurance, proof of property tax payment, as well as existing lien if any.
  • Application will be accompanied by adequate supporting documentation showing evidence of clear title with no encumbrances, or agreement of lien release by mortgagee.
  • A lien shall be placed on the home for the duration of the loan term until the loan is fully paid back.
  • At the discretion of the Board, the monthly repayment on housing loans and loans for home improvements and repairs will be scheduled to include payments required for insurance premiums and taxes.

A. Depending on how delinquent the payment is there are different conditions.

  • For all loans with terms starting October 1, 2014 or later, there is a $25.00 late fee assessed to the account if the payment is received eleven (11) days or more after your due date.
  • For loans approved with terms starting before October 1, 2014 there is a $15.00 late fee assessed to the account if the payment is received eleven (11) days or more after your due date.

A. Your loan will become delinquent. The following are policies regarding delinquent accounts:

  • After 30 days a past due letter is mailed to you.
  • If the payment is not received within 60 days, an additional letter is sent to you by certified mail attempting to collect payment. The letter will state the amount due for the loan to become current.
  • STRCP Credit Aministrator reserves the right to contact you in order to collect a debt.
  • If a payment is not received within 90 days you are subject to appear in Tribal Court. Your per capita is subject to garnishment.
  • The Credit Administrator also reserves the right to seek garnishment through payroll for loan recipients working for CTSI.
  • To bring your account out of default you must pay the amount due. A $50.00 service fee may apply.
  • In compliance with the Fair Credit Reporting Act (FCRA), all loans are subject to submission to the credit reporting bureaus.

A. Yes. Please see the following:

  • There is a one-time non-refundable application fee of $10.00 that must accompany the submitted loan application.
  • There is also a loan servicing fee applied to the initial prinicpal of all new loans issued. The following list outlines the loan servicing fee amounts.
  • For loans from $500 to $1,000 a one-time loan fee of $17.50 is applied to the loan.
  • For loans from $1,001 to $1,500 a one-time loan fee of $22.50 is applied to the loan.
  • For loans from $1,501 to $2,000 a one-time loan fee of $25.00 is applied to the loan.
  • For loans from $2,001 to $3,000 a one-time loan fee of $30.00 is applied to the loan.
  • For loans $3,001 or more, the one-time fee is one percent (1%) of amount borrowed and is applied to the loan.
  • There are no additional loan fees to modified loans that do not receive additional advances.
  • On loans modified or refinanced with additional advances, a fee of one percent (1%) of the additional dollars advanced to the nearest dollar not including the loan fee, will be charged.

A. You are notified of the Board's decision within five business days.

If approved:

  • The loan must be finalized within 30 days of approval.
  • May be subject to additional requirements before loan funds can be released.
  • The Promissory note and disbursement authorization requires original signatures and must be returned to the STRCP Credit Administrator before funds are released.
  • Upon receipt of original signed promissory note and disbursement authorization by STRCP Credit Administrator the funds will be released via check within seven (7) business days.

If denied:

  • A denial letter is mailed to you within five business days stating the reason(s) for denial by the STRCP Board.

A. You may submit a request for loan modification to the STRCP Board of Directors. Only they have the authority to modify approved loans.

Rates & Conditions

  • The STRCP Board of Directors set the base interest rate for Consumer Loans at 8.75% and 6.75% for Home Improvement Loans.
  • Please note, the STRCP Board has tied the base current interest rate to the current Prime Rate per the Wall Street Journal. The Consumer Loan base interest rate moving forward will be set at Prime + 500 basis points while the Home Improvement loan base interest rate will be set at Prime + 300 basis points. This means if the Prime Rate is 3.75% as defined by the Wall Street Journal, a Consumer Loan which meets the Tier One requirements would have an interest rate of 8.75% (3.75% + 500 basis points [5%]). Canidates who meet the Premium Tier will receive a 100 basis point discount on the then current base interest rate while Tier 2 canidates will have an additional 200 basis points on the then set base rate.
  • There is a service fee for preparation of loan documents. Please see "Are there any application or loan fees?" under Requirements above.
  • All loans approved by the STRCP Board of Directors will have the current interest rate established at the time of closing.
  • There is no prepayment penalty for paying off a loan early.
  • There is no administrative fee for making additional principal payments.
Loan Type Interest Rates Prime Rate Premium Tier Tier 1 Tier 2
Consumer Loan 3.75% 7.75% 8.75% 10.75%
Home Improvement Loan 3.75% 5.75% 6.75% 8.75%

Examples of estimated monthly payments:

Premium Tier Loan Amount Term of Loan Interest Rate Monthly Payment Total Interest Owed
$1,522.50 ($1,500 loan with $22.50 one-time loan service fee) 12 Months 7.75% $130.31 $63.71
$3030.00 ($3,000 loan with $30.00 one-time loan service fee) 24 Months 7.75% $136.69 $250.64
$5050.00 ($5,000 loan with $50.00 one-time loan service fee) 36 Months 7.75% $157.67 $626.01
Tier One Loan Amount Term of Loan Interest Rate Monthly Payment Total Interest Owed
$1,522.50 ($1,500 loan with $22.50 one-time loan service fee) 12 Months 8.75% $132.97 $73.12
$3030.00 ($3,000 loan with $30.00 one-time loan service fee) 24 Months 8.75% $138.08 $283.86
$5050.00 ($5,000 loan with $50.00 one-time loan service fee) 36 Months 8.75% $160.00 $710.06
Tier Two Loan Amount Term of Loan Interest Rate Monthly Payment Total Interest Owed
$1,522.50 ($1,500 loan with $22.50 one-time loan service fee) 12 Months 10.75% $134.38 $90.10
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Loan Approval

If the application is approved through the Siletz Tribe Revolving Credit Program (STRCP), the applicant is required to sign a Promissory note and disbursement authorization that describes the client's responsibilities for the duration of their loan.

The loan will be administered through Siletz Management Inc. Payments may be made by check or money order to STRCP and delivered/mailed to 2120 NW 44th Street Ste. D, Lincoln City, OR 97367. It is the client responsibility to ensure payment arrives by due date each month.

Small Business Loans

Siletz Tribe Revolving Credit Program business loans range from $500 to $10,000. These loans may be used for startup costs, equipment purchases, and other business related purposes.

Loans are only available to businesses where a Tribal member is at least a 51% owner of the business.

Business plan imgage

Pre-Application Recommendations

It is highly recommended that every loan applicant take or be signed up for business classes and fully understand their credit score and report before finalizing their loan application. To learn more click the button below. Learn More

The STRCP Board of Directors highly recommends you download, review and report back to the STRCP Credit Administrator that you reviewed the STRCP Financial Information Sheet with your application. The STRCP Board considers financial education to be one of the its primary missions and highly encourages each applicant to learn as much as possible about their own credit score and overall financial health.

Requirements

A. First time Applicant(s) must:

  • Be a member of the Confederated Tribes of Siletz Indians as verified by the CTSI Enrollment Department.
  • Be of legal age and a resident of the United States.
  • Not qualify for a loan through other accredited lending institutions outside the STRCP.
  • Not have any outstanding debts with the CTSI or any of its entities.
  • Be presently employed and have six (6) consistent months with the same employer.
  • Applicant must have one year consecutive employment in the same or related business field of their business loan.
  • Applicant must have necessary business experience through training, managerial ability and the income to repay the loan.
  • Applicant must provide proof of completed ONABEN Indianpreneurship course or equivalent.
  • A FICO credit score of at least 600. Requirements require a credit score equal to Columbia Bank Commercial FICO score minimium requirement minus 100 points or better. Please contact STRCP Credit Administrator for current minimum FICO score requirement. Also see Training & Resources for more information.
  • A DIR lower than 40% including loan repayment Debt To Income Ratio Calculator
  • A co-signer is required if the primary applicant's DIR exceeds 40%.
  • A co-signer who is a CTSI Enrolled Tribal Member must meet all the requirements for a first-time business loan applicant.
  • A co-signer who is not a CTSI Enrolled Tribal Member must have a minimum FICO score of 700.
  • Please contact the STRCP Credit Administrator for more information

A. In addition to meeting the first time borrower requirements, you must have an improved FICO credit score from the one obtained at the time of your previous loan. Your DIR must be lower than 40%. You cannot have any delinquent or default payments including per capita garnishment for the duration of your first loan.

A. Depending on how delinquent the payment is there are different conditions.

  • For all loans with terms starting October 1, 2014 or later, there is a $25.00 late fee assessed to the account if the payment is received eleven (11) days or more after your due date.
  • For loans approved with terms starting before October 1, 2014 there is a $15.00 late fee assessed to the account if the payment is received eleven (11) days or more after your due date.

A. Your loan will become delinquent. The following are policies regarding delinquent accounts:

  • After 30 days a past due letter is mailed to you.
  • If the payment is not received within 60 days, an additional letter is sent to you by certified mail attempting to collect payment. The letter will state the amount due for the loan to become current.
  • STRCP Credit Aministrator reserves the right to contact you in order to collect a debt.
  • If a payment is not received within 90 days you are subject to appear in Tribal Court. Your per capita is subject to garnishment.
  • The Credit Administrator also reserves the right to seek garnishment through payroll for loan recipients working for CTSI.
  • To bring your account out of default you must pay the amount due. A $50.00 service fee may apply.
  • In compliance with the Fair Credit Reporting Act (FCRA), all loans are subject to submission to the credit reporting bureaus.

A. Yes.

  • There is a one-time non-refundable application fee of $10.00 that must accompany the submitted loan application.
  • There is also a loan servicing fee applied to the initial prinicpal of all new loans issued. The following list outlines the loan servicing fee amounts.
  • For loans $1,000 or less, a loan fee of $17.50 is applied to the loan.
  • For loans from $1,001 to $1,500 a one-time loan fee of $22.50 is applied to the loan.
  • For loans from $1,501 to $2,000 a one-time loan fee of $25.00 is applied to the loan.
  • For loans from $2,001 to $3,000 a one-time loan fee of $30.00 is applied to the loan.
  • For loans $3,001 or more, the one-time fee is one percent (1%) of amount borrowed and is applied to the loan.
  • There are no additional loan fees to modified loans that do not receive additional advances.
  • On loans modified or refinanced with additional advances, a fee of one percent (1%) of the additional dollars advanced to the nearest dollar not including the loan fee, will be charged.

A. You are notified of the Board's decision within five business days.

If approved:

  • The loan must be finalized within 30 days of approval.
  • May be subject to additional requirements before loan funds can be released.
  • The Promissory note, guaranty and disbursement authorization requires original signatures and must be returned to the STRCP Credit Administrator before funds are released.
  • Upon receipt of original signed promissory note, guaranty and disbursement authorization by STRCP Credit Administrator the funds will be released via check within seven (7) business days.

If denied:

  • A denial letter is mailed to you within five business days stating the reason(s) for denial by the STRCP Board.

A. You may submit a request for loan modification to the STRCP Board of Directors. Only they have the authority to modify approved loans.

A. Other terms and conditions for applicants include:
  • For business loans less than $1,000, a business plan is not required but the STRCP Board reserves the right to request one.
  • Loans may be used for equipment and other start-up expansion costs. Refinancing will be allowed on business related debts. Loan funds may not be used for owner or business related payoffs.
  • The application process requires a business plan including financials and any other required information.
Financials must include at a minimum:
  • Loans are only available to businesses where a CTSI Enrolled Tribal member is at least a 51% owner of the business.
  • A Co-signer who is not a CTSI Enrolled Tribal Member must have a minimum FICO score of at least 700 or if the co-signer is an Enrolled CTSI Tribal Member they must meet the eligibility requirements set forth by STRCP.
All recipients of business loans are required to submit financial reports to the STRCP Credit Administrator as outlined below:
  • Quarterly balance sheet and budget variance report for the first year.
  • Semiannually for the second year.
  • Annually thereafter.
  • The STRCP Board or STRCP Credit Administrator may require additional reports or change the frequencies of the reports at any time.
  • A $100.00 fee will be assessed to borrower(s) of business loans if financial reports are not submitted by the deadine.
  • All STRCP requirements and policies are subject to change without prior notice.
  • For complete terms and conditions please contact the STRCP Credit Administrator or download a copy of the policies here.

Rates & Conditions

  • Current rate for business loans is 7.75%.
  • The STRCP Board of Directors has tied the business loan interest rate to the Wall Street Journal current stated Prime Rate plus 400 basis points. For example, if the Prime Rate is 3.75% than business loan interest rate is 3.75% + 400 basis points [4%] equaling 7.75%.
  • There is a service fee applied to the approved loan amount for preparation of loan documents. Please see rates under, "Are there any application or loan service fees?" above for more information.
  • The STRCP Board of Directors shall set the interet rates at the beginning of each calendar year.
  • All loans approved by the STRCP Board of Directors will have the current interest rate established at the time of closing.
Small Business Loan Interest Rates Prime Rate Premium Tier Tier 1 Tier 2
Business Loan 3.75% 6.75% 7.75% 9.75%

Examples of estimated monthly payments:

Loan Amount Term of Loan Interest Rate Monthly Payment Total Interest Owed
$5,050.00 ($5,000 loan with $50.00 one-time loan service fee) 36 Months 7.75% $157.67 $626.01
$10,100.00 ($10,000 loan with $100.00 one-time loan service fee) 60 Months 7.75% $203.59 $2,115.12

Business Loan Application Process

Applicants must submit their completed application to the STRCP Office with the $10.00 non-refundable application fee by the monthly deadline. The application is available at the link below. Applications are not considered complete until the non-refundable $10.00 application fee is received . Co-owners of the business who are co-borrowers must fill out the Co-Borrower Loan Application.

Upon receiving the completed application, the Credit Administrator performs a credit check of the applicant(s) and calculates the debt-to-income ratio (DIR) including the proposed monthly loan payment. The monthly payment and length of loan term will depend on the amount requested but is determined by the STRCP Board of Directors.

The STRCP Board meets once a month, except in December. Loan requests will not be reviewed in the month of December.

Completed applications can be returned to the STRCP Office by mail, email, fax, or it can be submitted in person by the monthly deadline.*Please note, if you submit an application via fax or email, you will need to mail the application fee in the form of a check or money order. The application will remain incomplete until the application fee is received. The application fee must be postmarked no later than the application deadline.

A loan application will be completed by the applicant and submitted to the STRCP Credit Administrator for processing.

A. A completed application submitted to the STRCP Board must include:

  1. Completed loan application with original signature(s).
  2. FICO Credit Score (credit check ran by STRCP Credit Administrator).
  3. Calculated proposed (with STRCP loan) DIR (ran by STRCP Credit Administrator).
  4. Business Plan (unless requested loan is less than $1,000).
  5. Financial projections (and/or historicals if business is already existent).
  6. Proof of completed of ONABEN Indianpreneurship or equivalent course or equivalent. Proof of completed business classes or degree from accredited educational institution also acceptable.
  7. Proof of required licenses, permits and insurance. If business is new, applicant must provide proof of all applicable licenses, permits and insurance within three months of receiving loan funds.
  8. Proof of 51% ownership of business.
  9. Paid $10.00 non-refundable application fee.

For reference materials and business education please visit our Training and Resources page.

Forms and References

Information Cover Letter

You can download a fillable business loan application form that is fillable through Adobe Reader or equivalent on your screen or print directly and fill in by hand.
Loan Application Fillable
Loan Application Print

You can download the Co-owner business loan application form that is fillable through through Adobe Reader or equivalent or print directly and fill in in by hand.
Co-Owner App Fillable Co-Owner App Print

Approve Reject

Loan Approval

If the application is approved through the Siletz Tribe Revolving Credit Program (STRCP), the applicant is required to sign a Promissory note, guaranty and disbursement authorization request. It is recommended by the STRCP Credit Administrator the loan applicant present their completed loan application to the STRCP Board directly.

The loan will be administered through Siletz Management Inc. Payments may be made by check or money order to STRCP and delivered/mailed to 2120 NW 44th Street Ste. D, Lincoln City, OR 97367. It is the client responsibility to ensure payment arrives by due date each month.

STRCP 2017 Due Dates

Application Deadlines Board Review
January 11 January 17
February 08 February 14
March 08 March 14
April 12 April 18
May 10 May 16
June 14 June 20
July 12 July 18
August 19 August 15
September 13 September 19
October 11 October 17
November 08 November 14
No December Meeting No December Meeting

You may submit your completed application by mail to:

STRCP

2120 NW 44th Street, Suite D
Lincoln City, Oregon 97367

By Faxing to: 541-994-8973 ATTN: Shani Gilila

By scanning and emailing to: sgilila@stbcorp.net

Due Dates

Debt to Income

Your debt to income ratio (DIR) is determined by your monthly income and your monthly expenses (bills). It helps to determine the capacity an applicant has to repay any borrowed funds. To calculate your DIR, first you total all your monthly expenses and divide that by your gross monthly income and multiply that figure by 100 to find your percentage of debt to income. You can calculate your DIR using the equation below:

Total of monthly expenses / monthly gross income x 100 = %

Example: you have $925.00 of monthly bills and your monthly income is $2500.00

925.00/2500.00 x 100 = 37%

Try our DIR calculator:  Debt To Income Ratio Calculator

Monthly Payment Calculator

Before applying for a loan whether through STRCP or another financial institution, try our payment estimator: Payment Estimator

Understanding total repayment cost to you

It is important to understand the total interest you will be required to pay in addition to the principal.

For example: If you take out a loan of $3,030.00 with a 24 month repayment term with an 8% interest rate:

  • Your monthly payments will be approximately $137.22.
  • Total interest you will pay on loan is $293.28.
  • Total amount owed to creditor is $3,293.28.

Impact of Credit Score & Interest Rate on Cost of Loan

The interest rate on your loan is critical in determining how much you owe and most creditors determine your interest rate by your credit score.

Take the example of two different applicants applying for the same car loan for $20,000 from a traditional lending institution outside STRCP.

Applicant 1 Applicant 2
Credit Score 770 530
Length of Loan 60 months 60 months
Loan Amount $20,000 $20,000
Interest Rate 2.49% 18.99%
Interest Owed $1,291.54 $11,122.06
Total Amount for Pay Off $21,291.54 $31,122.06

Applicant 2 will pay $9,830.52 more for the same car due to their lower credit score & higher interest rate!

STRCP Vision & Mission Statements


Entrepreneurial Development Mission

STRCP Vision

To see tribal members achieve their financial goals through effective personal financial management.

STRCP Mission

To raise the social and economic status, as well as credit worthiness, of members of the Confederated Tribes of Siletz Indians.

Other STRCP Goals

  • Help members secure adequate financing on reasonable terms from another lender, and to finance developments for which other financing is not available through education and credit rehabilitation.
  • Fostering new tribal entrepreneurs and providing tools to existing entreprenuers, we at STBC and STRCP are here to assist the ongoing economic development and advancement of the Confederated Tribes of Siletz Indians.
  • Facilitation of the development of existing Siletz Tribal Business Entrepreneurs through proactive partnerships as they are the leaders of a larger dynamic Tribal economy.

Please don't hesitate to contact us if you have questions regarding the Siletz Tribe Revolving Credit Program or any questions related to business development.

STRCP Declaration of Polices & Procedures

The STRCP is governed by a Declaration of Policies & Procedures by resolution of the Confederated Tribes of Siletz Indians' Tribal Council.

The purpose of the Declaration of Policies & Procedures is to establish policies and procedures to govern all future loans made by the Tribe to membership under the STRCP. The Siletz Tribe Revolving Credit Program was developed in response to a number of goals and objectives established in the Comprehensive Plan of the Confederated Tribes of Siletz Indians. The STRCP Board of Directors shall use this Declaration in their day-to-day operations.

Loans shall be made for the purpose of raising the social and economic status, as well as credit worthiness, of members of the tribe to a point where they can secure adequate financing on reasonable terms from another lender, and finance small business or other projects for which other financing is not available through education and credit rehabilitation. Loans may be made only upon the determination that repayments can be made, based upon accepted credit analysis.

This Declaration of Polices & Procedures will apply to all Tribal funds used for credit purposes hereafter advanced or granted to the STRCP.

STRCP Policies

STRCP Credit Reporting

The Siletz Tribe Revolving Credit Program submits monthly reports of all active STRCP loans to TransUnion Credit Agency. Should you have any questions or concerns about your Silez Tribe Revolving Credit Program loan credit reporting please don't hesitate to contact Siletz Management Inc. at 1-877-564-7298. Our office hours are Monday through Friday 8:00am to 4:30pm.

SMI

TransUnion Credit Report Item Dispute

Should you want more information on how to dispute a credit item on your report through TransUnion you can go to the TransUnion Credit Disuptes FAQs page.

You can also submit disputes to TransUnion online, by phone or by mail:
Online: Online dispute submission process
Phone: Call 1-800-916-6800. Hours are 8:00am to 11:00pm Eastern Time Monday through Friday.
Mail to:
  • TransUnion, LLC
  • Consumer Dispute Center
  • P.O. Box 2000
  • Chester, PA 19022