Mohican Loans
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Updates
October 24, 2023 The Stockbridge-Munsee Tribal Council approve the following changes to our Personal loans:
- Increased Personal loan request up to $10,000
- Only eligible applicants with a credit score of at least 640 may borrow an amount between Five Thousand and Ten Thousand Dollars ($5,001-$10,000) Must have debt ration of 40% or less.
- Interest Rates.
- For loans up to $5,000, the loan will accrue interest at the fixed rate of 200 basis points (2.00%) above the current monthly Applicable Federal Rate (AFR) for mid-term investments (under the annual period for compounding), which can be found at https://www.irs.gov/applicable-federal-rates.
- For loans between $5,001 and $10,000, the loan will accrue interest at the fixed rate of 300 basis points (3.00%) above the current monthly Applicable Federal Rate (AFR) for mid-term investments (under the annual period for compounding), which can be found at https://www.irs.gov/applicable-federal-rates.
- Personal Interest rates for August 2024:
$250-$5,000 is 6.34%
$5,001-$10,000 is 7.34% Applicants that have a credit score between 620-640 can be approved for a loan over $5,000. The approval panel may request that they have Credit Counseling.
August 16, 2022 the Stockbridge-Munsee Tribal Council approved the following changes to our home loans:
- Increased Home loans on reservation land to $225,000
- Home purchases or home improvements loans will be available to tribal members who reside in Shawano, Langlade, or Waupaca counties.
- Current client will be able to refinance their current loans to take advantage of lower interest rate. A $500 fee to refinance if second time.
- In month of August 2024 it is 4.62%. Interest rate may change based on AFR
- If you currently have a loan with us and would like to refinance for lower interest rate there will be a $500 charge or you provide a current appraisal of your home.
The loan department currently issues home, personal, student, and business loans to enrolled Tribal members. If interested, please contact the Mohican Loan Department for details and application information.
*Any Employee of the Stockbridge-Munsee Community may apply for personal loan*
Loans are processed on a first come – first serve basis.
Loan applications must be submitted with all required documentation prior to 4:00 pm on Mondays for disbursement in the same week.
Applications that are turned in late, or missing information will not be processed until the following week.
Applications, Forms and Policies
Payments
Effective immediately all Mohican Loan payments need to be made at Bay Bank in Green Bay or Keshena.
To mail a payment-send check, money order and bank originated payments to:
BayBank
PO Box 10855
Green Bay, WI 54307
Your account number needs to be included.
If you are interested in automatic payments withdrawn from your checking account please click on the link, fill out and return to Loan Department.
Thank you and please let me know if any questions.
Tanya
Contact Information
Office Hours:
7:00am - 3:30pm
Fax:
(715) 793-4889
Address: N8705 MohHeConNuck Rd. Bowler, WI 54416
Staff