BluCurrent CU Offers No Interest Loan for the Holidays
For the second year in a row, BluCurrent Credit Union (Springfield) is offering a zero interest holiday loan. Details include:
- Up to $1,000 at 0.00% APR with approved credit
- 12-month repayment period
- Weekly or monthly repayment options for as little as $19.24 a week
“Last year’s holiday loan went over very well, so offering it again was an obvious choice,” stated Randall Bettis, senior vice president of Lending for BluCurrent. “With this loan, our priority is providing our members with an option that will help ease budgeting stress that is often brought on by the holidays.”
Demand for the holiday loan has been significant, bringing in heavy traffic to all of BluCurrent’s branches. Within the first seven days of making the loans available, 66 loans have been approved with the amount borrowed totaling more than $63,300. An additional $63,000 has been dispersed to members that have taken advantage of the Holiday Loan to also help them lower their interest and payments on other types of loans. These include higher interest credit cards and payday loans.
In total, more than $126,428 has been dispersed as a result of the Holiday Loan promotion. BluCurrent plans to continue this promotion through Christmas. In 2012, 260 Holiday Loans were approved, totaling more than $532,232 as a result of the promotion (including cross sells).
“The holiday loan is especially beneficial because, in addition to helping alleviate some holiday stress, if payments are made on time, this can also help build credit history and even improve credit scores,” added Bettis.