In 2012, we launched our zero-interest holiday loan for up to $1,000, which is offered from the Monday before Thanksgiving through the end of the year.
We thought the offering would attract new consumers to our credit union. While this promotion successfully brought in new members, we were surprised by how great of a service it provided to our current members.
Close to 80% of the holiday loans were disbursed to them, with the remaining 20% to new members. Response has been strong, with total loans disbursed growing just over 10% from 2012 to 2013.
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