A Web-based loan lead generation system has netted the $76 million First Eagle FCU in Owings Mill, Md., more than $690,000 in new loans in its first few months, the credit union said.
The 10,000-member First Eagle deployed the Loan Saver system from Code Green LLC in August.
The Loan Saver system sits on the website and allows members to instantly calculate how much they’d save by consolidating and transferring all their credit cards and other loans from other lenders.
The system also alerts the credit union’s lending team for follow up. At First Eagle, that included emails, incorporating a message about Loan Saver into the new member on-boarding process, post cards to existing members, newsletters and branch signage.
“Loan Saver fits well with the credit union goal of helping members save money. In fact, members using Loan Saver saved an average of $1,400 by moving loans from other lenders to First Eagle,” said Jody Berger, the credit union’s marketing manager.
“We were also pleasantly surprised by the average loan size, about $12,000, and the fact that a wide variety of loans were made including auto loans, personal loans and credit card balance transfers,” Berger said.
Code Green of Gaithersburg, Md., said it provides ATM and branch locator software and other marketing and data tech products to approximately 200 credit unions, including approximately 25 contracted to use the Loan Saver solution.