The 7,500-member, $80 million NuVista Federal Credit Union announced it will launch a one-dayloan sale to raise the profile of its holiday loan program.
|Qualified members who apply for the loan between 8 a.m. and 10a.m. on Nov. 21 will receive an APR of 1.99%; qualified members whoapply between 10 a.m. and 12 noon will receive an APR of 2.99%,NuVista Vice President of Marketing and Community Relations ChelseaRosty explained.
|Members can borrow up to $5,000 and will have up to 18 months torepay the loan, she said, adding that they can also refinanceexisting credit union debt as long as they add at least $1,000 tothe balance.
|“We timed it for about a week before Black Friday,” Rosty said, referring to the nationwide Nov. 27event in which retailers sharply discount prices for holidayshoppers. “I think a credit union in Montana did it, but we reallygot the idea from retailers and their flash sales and one-day eventsales.”
|Members will be able to apply online or over the phone, bringtheir applications to either one of the cooperative's two branchesor email the credit union, Rosty explained, adding that timing willbe critical.
|“They will have to be time-stamped during those times,” shesaid. “If they apply online, they will have to do it between thosehours. They can't apply early.”
|Rosty said the cooperative will simplify the loans' underwritingand offer them to members with fairly low credit scores. However,she added members with very low scores may face caps on the amountsthey can borrow.
|She also explained the Montrose, Colo.-based credit union chosethe one-day loan sale to drive excitement among members and boostthe credit union's profile.
|“We've been getting a lot of feedback about it and we have alive radio feed in on Saturday to provide coverage,” she said.
|This will be the second year the credit union holds the sale,Rosty explained. The cooperative made 70 of the loans last year andsaid it hopes to more than double that volume this year.
|Read more about credit union holiday loan programs in theNov. 11, 2015 print issue of Credit Union Times.
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