Office of the Controller
Credit Services Department
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Navajo Nation Office of the Controller Credit Services Department |
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Holiday Loan Program
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Purpose Policy The Program shall be administered pursuant to the
Ethical Certi In order to avoid the appearance of undue
influence and conflict of interest, loan applications from current or
former appointed or elected officials, Judges of the Navajo Nation, and
Department staff, shall include a notarized Ethical Certification form
attesting that no special consideration will be requested, in accordance
with the Navajo Ethics in Government Law. |
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INCOMPLETE
APPLICATIONS WILL NOT BE ACCEPTED AND WILL BE RETURNED TO SENDER.
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ADMINISTRATION
YOU MUST SUBMIT ALL APPLICATIONS To: IN
PERSON:
Administration Building. 1 |
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ELIGIBILITY
Enrolled members of the Navajo Nation , or a full-time Navajo Nation Employee
Eighteen (18) years of age.
Married applicants, including spouse in common law marriage, shall apply jointly. One partner to the marriage must be an enrolled member of the Navajo Nation or a Navajo Nation employee meeting requirements.
Applicants shall be:
Proving current employment ,full-time for two (2) years or more; or
Mandatory payroll deductions through the Navajo Nation or other entities shall be used to guarantee the repayment of the loan. If a payroll deduction is not available the Borrower shall secure a qualified Cosigner who is employed with the Navajo Nation or a Navajo Nation entity who meets all requirements .
Loan Application Requirements,
shall be met before any loan is recommended for approval. The Loan Officer,
with the concurrence of the Credit Manager or designee, shall have the
authority to qualify or disqualify any application.
No application will be
recommended for approval by the Department or designee, until it is determined
that the Applicant(s) is eligible under the Navajo Business and Procurement Act
APPLICATION PROCESS
Loan requests shall be made on the Department’s Personal/Special Loan Application and completed in accordance with the Application Requirement Checklist
The Department will not accept any incomplete applications. If an application is incomplete, it will be returned to the Applicant(s). Completed applications, will be referred to the Loan Officer for further evaluation. The Loan Officer or designee may request additional documentation to support the evaluation of any loan application.
All monthly household living expenses (food, utilities, transportation, insurance payments, childcare, etc.) shall be included on the loan application and shall be accurate. All monthly financial debts and obligations (vehicle payments, credit cards, installment payments, finance companies, etc.) shall be disclosed on the loan application.
The Loan Officer, or designee, will ensure that the Application is supported by all the required documentation as outlined on the Loan Application Requirement Checklist.
Any false information or knowing concealment of material facts made with respect to the loan Application shall be grounds for ineligibility, and will prohibit the Applicant(s) from reapplying for six (6) months.
The Program extends Personal Loans to qualified Navajo individual(s) who demonstrate creditworthiness and the ability to repay the loan.
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LOAN AMOUNTS: *$7,000.00 Maximum Loan
*$500.00 Minimum
INTEREST RATES: All loans are simple interest loans financed at a fixed rate.
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DEBT TO INCOME RATIO:
LOAN FEE: $65.00
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Incomplete applications will not be accepted.
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Types of Home Loans
INTEREST RATES: The Interest rate is base on the Wall Street Journal Prime Rate also will be based on your credit score
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