The Lakota Federal Credit Union has announced an increase in its secured loan limit from $5000 to $25,000. The move allows members to raise their credit rating as well as purchase much-needed vehicles to travel the remote reaches of the Pine Ridge Reservation.
The Lakota Federal Credit Union was created in 2012 and is the first bank available to residents of the Pine Ridge Reservation within the reservation’s boundaries.
Frances Morgan lives in Kyle. She says banking wasn’t an option for her before the Lakota Federal Credit Union.
“I actually did not have a bank,” Morgan explains. “I went through paper-check and cashed it at the store. Depending on how much my check was…it took out anywhere from ten to twenty dollars.”
Morgan’s only other banking option before the credit union was a 90-minute drive to Rapid City – which then added travel costs to any transaction.
Not only has the Lakota Federal Credit Union helped Morgan to open her first savings account, but the higher line of credit for loans helped her buy a new vehicle.
“I have a new car,” Morgan announces. “It is a 2011 Chevy Malibu LZ.”
Morgan says it’s a pleasant change from bumming rides or gambling on whether her old truck would be working.
Wanblee resident Elroy Cross says he no longer has to make a trip to Rapid City for his banking needs. Cross also uses Lakota Federal Credit Union for his savings account, to take out a personal loan to pay off some bills and to buy a new truck.
“It seems like we’re more personally related with something that has come to our tribe, you know,” Cross observes. “And it’s very useful. That’s what I think. It’s a huge benefit not only for myself but my co-workers, my community and maybe even my relatives.’
Lakota Federal Credit Union has over 1300 members and has approved nearly $900,000 in loans. Spokesperson TawneyBruncsh says she sees the credit union’s ability to provide larger loan amounts as a benefit not only to its members, but to the image of financial responsibility for the Lakota people as a whole.