Hot & Fresh Offering in Honor of National Donut Day

RALEIGH, N.C. — How about a loan with those donuts?

ElecTel Cooperative FCU here pulled in more than 80 loans totalling over $560,000 as part of a one-day-only loan promotion tied to National Donut Day, which was celebrated on June 5.

Rates on the personal loans started at 1.99% for one year, 2.99% for two years and 3.99% for three years, and the credit union did not put a cap on how much members are eligible for.

The Donut Day promo is the latest in a series of one-day-only campaigns ElecTel has run, such as loans for International Talk Like a Pirate Day, Groundhog Day, and the holiday-themed "It's A Wonderful Loan." The $560,000 total was in line with what the credit union usually averages on these one-day-only offerings.

"We've brought in as much as $800,000 from our themed one-day loan promotions in the past," CEO Nancy Long said in a statement. "We offer one-day loan promotions several times a year. Members always look forward to them."

All of those campaigns have been the result of partnerships between the credit union and Your Marketing Co., a South Carolina-based marketing firm specializing in credit union marketing efforts whose reach recently expanded into Connecticut.

Applications for the Donut Day loans were accepted prior to the big day, but approvals and funding were done exclusively on June 5.

ElecTel usually offers these single-day promotions once per quarter. A theme for the fall campaign has not yet been announced.

As for National Donut Day itself, it was established by the Salvation Army during the Great Depression as a way to raise money and awareness for the Salvation Army's social service programs.