CUNA’s Schenk talks CU ‘holiday loans’ w/ USA Today
CUNA Chief Economist Mike Schenk spoke with USA Today recently for an article about credit unions being among the financial institutions that offer “holiday loans” to members. Such loans generally come with fixed interest rate and installment repayment plans and range from between $500 and $5,000.
“It’s not unusual for credit unions to advertise a special holiday loan which has a low rate that is only available on Black Friday or for a set time,” Schenk said.
The article also notes that these loans are a way for consumers to avoid the high interest rates of credit cards, and notes several factors that potential borrowers should consider.