Members First Credit Union (Midland, Michigan) has offered its popular “Whatever Loan” promotion for over 10 years.
Katie Erdody, Member Growth & Engagement Coordinator, says that members look forward to the Whatever Loan campaign, which allows members to borrow up to $1,000 for almost any reason during November and December each year.
“We are proud to offer this loan and love to hear from our members about what they use it for,” she explains.
“For example, while some use it for holiday shopping, others use it to heat their home, catch up on bills, vacations, car repairs, or whatever!” Erdody says the credit union calls it the Whatever Loan because it can be used for “whatever the member needs.”
She adds that members who have received this loan in the past, and are in good standing, are eligible to apply for a MFCU’s higher limit $1,500 Whatever Loan.
Members First markets its Whatever Loan through a variety of channels, including digital, social media, direct mail, radio, and billboards. In fact, MCFU wants people throughout Michigan to know that they have this option to get a personal loan that typically isn’t offered at other financial institutions.
And because MFCU merged with a credit union in Grand Rapids last year, an extra effort has been made to increase the advertising in this new market as well.
Now taking loan apps online
Erdody says the credit union also added a new component to the promotion this year. “We are offering online applications and I think it is making a big difference.”
In an effort to boost loan openings, she says the credit union’s marketing pieces underscore that the Whatever Loan is for a limited time, plus the credit union has a limited amount of funds set aside for it. This helps add a sense of urgency that members need to take advantage of this opportunity before it’s gone.
“The Whatever Loan is also a great way to get members in the door,” says Erdody.
“It helps our team look deeper into each member’s situation, and we’re often able to save them money on other loans they have elsewhere.”
Source: Katie Erdody, Member Growth & Engagement Coordinator, Members First Credit Union, Midland, MI; phone: 855-835-6328; email: KErdody@MFCU.net