Every cost-conscious holiday shopper is trying to get the most out of their budget this season. And, luckily, your credit union wants to help you make those dollars go a little further. One way that many credit unions are doing so is by offering limited-time holiday loans and credit card offers. These products offer a sensible way to pay for gifts, entertainment, dining, and travel expenses during the holidays. You can lessen the stresses of the season and spend more time relaxing with loved ones by securing this type of economical financing from your credit union.
Where to Get a Credit Union Holiday Loan
Borrowers who opt for an affordable holiday loan from their credit union may benefit from a number of great features, depending on their credit union’s specific offerings. Not only do most credit union holiday loans provide an affordable way to obtain funds for those special holiday purchases and expenses, they also offer low rates, flexible terms, and convenient access options. In addition, a holiday loan with a single, low monthly payment offers a simple, money-saving alternative to using high interest credit cards and keeping track of multiple payments during the busy holiday time.
CFE Federal Credit Union (Lake Mary, FL) is offering a special loan for up to $7,500, with a term of 12 months and an interest rate of 8.75%. “Our members appreciate having the option of borrowing for the holidays, knowing their loans will be paid off before the Christmas season of the following year,” said Suzanne W. Dusch, VP of Marketing. CFE members welcome this opportunity, taking advantage of more than 150 of these holiday loans to date.
Dusch explained how many shoppers fall into the trap of accepting department store credit cards to make holiday purchases. “The interest rates on these types of cards can be as high as 24% but our Holiday Loan is an excellent alternative.”
NARFE Premier Federal Credit Union (Alexandria, VA) is also offering holiday financing with rates as low as 5.25% APR and amounts up to $25,000 with repayment terms from 6 months to 36 months depending upon the purpose of the loan.
“Our Holiday Loan can be used for holiday purchases, travel, consolidating debt, school, or other needs -- with great rates and repayment terms, a Holiday Loan is an affordable way to borrow,” said Christine Sparks, Marketing Coordinator.
To help out their members during the holiday season, Matadors Community Credit Union (Chattsworth, CA) offers a fixed rate loan with a 9.90% APR, 12 month repayment period and a $5,000 maximum loan amount.
The credit union’s Vice President of Marketing, Marnie Nemcoff, recommends this loan for the winter season since its fixed rate is lower than most credit cards and with a short repayment period, members won’t fall into the revolving credit card trap and will have it all paid off by the next holiday. “MCCU’s Holiday Loans are a responsible and affordable way for members to pay for any holiday expenses,” she added.
Likewise, Redwood Credit Union (Santa Rosa, CA) offers every possible kind of loan including those that can be used for holiday expenses or needs. All of Redwood’s loans are offered at low rates and low or no fees, with quick, local approvals. This season, the credit union is emphasizing the variety of loans they have available for consumers and businesses including:
Auto & Recreational Vehicles
Personal & Other Loans
Online Loan Approval
“We know the holidays can be a stressful time,” said Robin McKenzie, Senior Vice President of Marketing & Communications. “RCU provides products that give members the peace of mind of knowing they’re getting great value from a local partner who cares about their financial well-being.”
Credit Unions Offering Some Perfect Holiday Credit Card Packages
In January, CFE will offer a balance transfer with a 1.99% interest rate and no balance transfer fee. “To promote the product against our competitors, we compare the one-year cost of our balance transfer against a transfer with a 0% interest rate and a 3% or 4% fee,” explained Dusch. “Members see quickly and easily how much they will save with our balance transfer offer.” CFE also offers three Platinum card choices with interest rates as low as 8.75%.
NARFE is allowing members to use their VISA Rewards card at any gas station, grocery store, department store, wholesale club or home supply warehouse, from now through January 15, 2013 and earn double points for every transaction. Plus, the credit union’s Visa features 1.99% APR on purchases and balance transfers; no cash advance, annual, or balance transfer fees; and more.
During the month of December, Redwood Credit Union is offering the “perfect holiday package” in terms of their Visa credit card which includes rates beginning as low as 8.99% APR; no balance transfer fees; and a unique Rewards program that allows combining of RCU debit rewards points with credit card points earned, redeemable for travel, merchandise, gift cards and more.
So if you’re looking to ramp up your wintertime spending power, look no further than your credit union. A holiday loan or credit card from your credit union will make for an even happier, brighter, and stress-free holiday season! Not a member? Find a credit union in your neighborhood and join now while the season is still in full swing!