MARYVILLE, Mo. — Northwest Missouri Regional Credit Union is offering an unusual loan promotion that gives members 0% interest this holiday season and aims to boost local shopping.
The $8 million credit union's new "Make Maryville Merry" loan promo offers up to $500 at 0% for members with at least a 620 FICO score. The loan must be paid back by April 15, 2014.
Members, who have been responding to the offer, don't get cash. Instead, they get "Chamber Bucks" that can be spent only at local merchants that are members of the Maryville Chamber of Commerce. Northwest Missouri Regional sends the money to the chamber.
"We are a community of around 12,000 and almost every retail store is a member of the Chamber," said CEO Coby Lamb. "We anticipate that the loans will be used for Christmas shopping. The community is not under economic stress, but this past year the Eveready Energizer plant closed, causing many job losses."
Lamb sees the promo benefitting members who need money this time of year, local merchants and the credit union, too.
"The lost income from the loans is minimal and we feel that the good PR is worth it." Lamb said.
