BINGHAMTON, N.Y. — More CUs are slashing holiday loan prices, cutting rates to below 3% to give members a boost at year's end.
In Baltimore, the $33 million Post Office CU of Maryland's "Ho Ho Holiday Loan" allows members to borrow up to $10,000 for one year at 2.5% APR.
The $805 million Clearview FCU in Moon Township, Pa., has not only dropped its holiday loan to 2.99% APR for 12 months, but is offering anyone who takes out a new Visa to shop at 0% now through Jan. 31, and carry the rock-bottom rate on the balances until April.
Credit Union Journal previously reported that ElecTel Cooperative CU has rolled out
At the $132 million GHS FCU here, borrowers can take advantage of a rate as low as 2.75% on the "Holly-Day Loan" that comes with a three-year term.
CEO Howard Meller said it is the first time the credit union has dropped its holiday loan rate below 3%.
"We wanted to make a statement to members that we really care about them," said Meller. "The promotion is going well. Our members are low to moderate income, and we know they need the money this time of year."
