PEMBROKE PINES, Fla. – Tropical Financial CU said it doubled its expected “Black Friday” loans, aimed at helping credit-challenged members get money to buy holiday presents.
The credit union issued 532 of the no-credit-check loans, $1000 for 12 months, at 16.99%, with no fees, and no payment until January 2013. The loans put $532,000 on the credit union’s books and could generate net income of more than $45,000 next year.
To qualify, the applicant would have to be a member for at least six months, have payments automatically deducted from a credit union checking account, and have good credit with the $555 million credit union.
The marketing department conducted a small promotion – about 12,000 postcards sent on Nov. 15 and email blasts on Nov. 16 and Nov. 20. Within minutes of the first emails being delivered, the call center started receiving inquiries.