In today’s economy with credit union members paying high prices for necessities like food, clothing, housing, and fuel coupled with the fear of downsizing and job loss still looming, recreational activities for many families have been toned down. And in this financial climate, a vacation seems to many like a downright luxury. However, this is not how it has to be. We all need time with our loved ones to have fun, decompress, and just plain get away from it all. Your credit union wants you to be able to chill out and unwind this summer, worry-free, and potentially offering a special type of financing to help you do just that.
Credit Unions Helping Members Get Away This Summer
As the days get longer and the weather gets warmer, happy thoughts of summer vacations fill our minds – the salty sea air, the smell of suntan lotion, happy children frolicking in the sand, warm nights under the palm trees, the feeling of pure and simple relaxation. However, some of us may require some help funding our next getaway. With an affordable vacation loan from your credit union, you can transform your summertime daydreams into a sun-drenched reality.
Beacon Credit Union (Lynchburg, VA) offers Vacation Loans tailored to fit their members’ financial needs. According to Scott Hudson, V.P. Marketing & Business Development, if Beacon members are concerned about how to get to the beach for the summer, his credit union offers a convenient and simple solution. Promoted mainly in the branches and on the website, Hudson says that their 1 year vacation loan at 9.99% APR is a well-used product. It is also a good way to welcome members to the affordable and convenient world of credit union financing. “Vacation loans often offer an opportunity to start a conversation about our other loan products and services,” contends Hudson.
Members of Qside Federal Credit Union (Flushing, NY) who are planning a trip and need some extra money are in luck. With rates as low as 9.0% APR, terms of up to 18 months, and a $5,000 limit, members can take out a vacation loan before their trip and will know how much they have to spend and how they’re going to pay for it when they get home.
According to Delilah Rettagliata, Marketing Manager, this is a very popular loan with Qside’s membership. Although promoted via statement inserts, newsletter, email campaigns, website, social media, branch take-ones, and on-hold messaging, members seem to anticipate these vacation loans every year and many even apply before the loans are actually available. The credit union makes it easy for members to apply either online or directly on the statement inserts and take-ones.
Jim Marsala, VP of Lending at Qside, says that Vacation Loans are so well liked and well received by their membership that they’re considering offering a new, similar loan for the back-to-school season. “These seasonal Vacation Loans really make a difference in our members’ lives, allowing them to take their families away or cover other Summer expenses when they may not have been able to on their own,” explains Marsala.
Other credit union vacation promotions happening now include DuPage Credit Union’s (Naperville, IL) offer featuring a low, fixed rate plus a 1.00% rate discount when you schedule your vacation through the Credit Union's Travel Services, Courier Travel. PHB Employees Federal Credit Union (Fairview, PA) is currently offering vacation loans at rates as low as 7% with a maximum loan amount of $5,000.00. Likewise, Newspaper Employees Credit Union (Salt Lake City, UT) is helping qualified members enjoy their family vacation with interest rates as low as 4.75% (with payroll deduction payoff commitment) and a limit up to $3,000. And, RiverLand Credit Union’s (New Orleans, LA) vacation loan features benefits like a limit of $1,200, 12-month term, plus low, affordable interest rates and a convenient online application with fast decisions.
If you are looking for a way to get away this summer, look to your CU for some summertime fun funding. Check out their newsletter or website and keep your eyes open for promotional offers in the mail. Not a member but looking for a financial institution that wants to help make your summer vacation happen? Find a credit union and join today!By Cyndi Cohen