CUNA News Now: CU offers half-million dollars in holiday quick loans

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DETROIT (11/12/07)--Detroit Municipal Credit Union (DMCU) has set aside $500,000 for special Holiday Quick Loans to help members struggling with the tough financial situation in Michigan.

Unlike other loans, no credit check is necessary to apply. Members that qualify will receive loans between $300 and $500.

Originally, the credit union was going to cap the number of applications at 1,000, but more were actually accepted.

"With the holidays coming up, we wanted to do something to help our members through some difficult times," said Kathie Trembath, DMCU CEO. "Some of the people applying can't get credit elsewhere, or are over-extended."

Loans are issued based on work seniority and good standing with the credit union. Each loan recipient also signs up for payroll deduction.

If the Holiday Quick Loan program is successful, DMCU may try another round of loans in the spring.



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	News Now LiveWire FDIC study finds 25.6% of US households are unbanked or underbanked... see Thurs. NN 13 hours ago Missouri Credit Union Association President/CEO Rosie Holub has announced she will retire at the end of December 2010. See Wed. News Now. 1 day ago Bank of Mexico received $1.69B in remittances in October '09, nearly $1 billion less than October '08, msnbc.com reports http://ow.ly/HAy3 1 day ago CUs offer the best deals and rates for checking accounts and credit cards for college students, wrote a Forbes columnist. See Dec. 2 NN. 2 days ago The Federation of Community Development CUs canceled this week's CRA seminar. The event may be rescheduled for spring. 3 days ago Sign up; more tweets... CU offers half-million dollars in holiday quick loans DETROIT (11/12/07)--Detroit Municipal Credit Union (DMCU) has set aside $500,000 for special Holiday Quick Loans to help members struggling with the tough financial situation in Michigan. Unlike other loans, no credit check is necessary to apply. Members that qualify will receive loans between $300 and $500. Originally, the credit union was going to cap the number of applications at 1,000, but more were actually accepted. "With the holidays coming up, we wanted to do something to help our members through some difficult times," said Kathie Trembath, DMCU CEO. "Some of the people applying can't get credit elsewhere, or are over-extended." Loans are issued based on work seniority and good standing with the credit union. Each loan recipient also signs up for payroll deduction. If the Holiday Quick Loan program is successful, DMCU may try another round of loans in the spring. Resource Links The Credit Union HLPR Mortgage More CU/System
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