Credit Union Journal | Monday, July 2, 2012
Read about successful strategies credit unions are using to boost their lending — including a look at other features to highlight when having a low rate isn't enough — and much more in this week's special report.
Gone are the days when a credit union could simply throw out a low loan rate and get members to pay attention. Today it takes a rock-bottom price and something extra to stand out.
The Bank Transfer Day boon and the power of social media combined to help ArrowPointe FCU pull in $826,400 during its One Day Loan Sale, more than tripling results from the same promo a year ago.
Consumers CU here has begun offering its own twist on the government's HARP 2.0 with a program, dubbed the "High Five Refi," that has now processed more than $5 million in loans.
Great Lakes CU has launched a no-credit-check loan for members in need of quick cash. Its "Cash-In-A-Flash" program offers loans of up to $500, paid back over a nine-month term at 17.90%.
Executives at three credit unions that saw strong loan growth from 2008-2010 share strategies at America's CU Conference on not just surviving, but thriving.
A pair of credit union leaders shared their thoughts on what has driven growth for their operations.
With two out of every three loan dollars going somewhere besides a credit union, it's critical to implement certain practices if those lost dollars are to be captured, according to one analyst.
United Nations FCU can attest to the benefits of outsourcing to a third-party for mortgage appraisals and choosing the right company to do the work.