DUNCAN, Okla. It took just 30 minutes for Halliburton Employees’ FCU to fund the first $500,000 of its 0.99% Valentine’s Day loan special.
The “Sweetheart of a Deal” planned to allow the first $500,000 in loans funded on Feb 14 to receive an annual percentage rate of just 0.99%. The remainder of the day all other approved loans received a rate of 1.99%.
After the funding on those first loans was done the credit union actually funded $598,000 at the 0.99% rate, and finished the day with $768,000 funded with the 1.99% APR, for a total of 61 loans funded at $1.4 million.
Marketing for this event began on Jan 16, using branch media, newspaper and e-mail tag lines. Word quickly spread about this “sweet” deal, the credit union said.
“We had several members anxious to be the first in the door,” said Jackie Haines, marketing/business development associate for the $123-million credit union. “One gentleman came at 5:15 p.m. the day before, set up a lawn chair with a poster on it that said he was first in line, and camped in his vehicle the rest of the night. When we opened our doors at 9 a.m. there were about 25 people waiting in line at our main location.”