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Tropical Financial Credit Union to offer Black Friday loans
Program, which starts Nov. 18th, is low-cost way to plan and pay for holiday shopping without going into serious debt
MIRAMAR, FL (November 11, 2013) — Holiday shoppers are already setting their sights on Black Friday to take advantage of special savings that most retailers will offer on “the busiest shopping day of the year.” To take some of the financial pressure off of that day, Tropical Financial Credit Union will once again offer a special Black Friday loan program for its members.
“People don’t want to rack up big credit card bills with high interest rates if they can avoid it,” said Amy McGraw, VP of marketing for Tropical Financial. “We give them a cost-effective way to budget for their holiday spending and give them peace of mind that they won’t rack up huge bills by time the jingle bells quit ringing.”
Tropical Financial’s Black Friday program provides a “no-credit-check” loan for $1,000 that is designed to be paid off in 12 months. The payments are approximately $92 per month with the first one due in January of 2014. Early payoff is allowed. The program will be offered for a two-week period, between November 18 and December 2. Only people who have been members for at least six months can participate. The loan can also help build or rebuild a person’s credit said McGraw.
The credit union introduced the Black Friday program last year and more than doubled its goal in just one week.
“We were aiming for 200 loans, but booked more than 500,” said McGraw. There was a lot of pent-up demand for a product like this. Even people with lower-rate credit cards took advantage of it because they liked the idea of having a set amount of cash to shop with and that the payments were going to a specific purpose.”
In addition to the Black Friday loan, Tropical Financial Credit Union also offers a Christmas Club savings program to help members save for holiday shopping. They simply open the account and put in a set amount each month so that when holiday shopping comes around, they have enough cash on hand to pay for all of their gifts without relying on credit.
About Tropical Financial Credit Union
Tropical Financial Credit Union is a non-profit financial institution whose deposits are federally insured. The $555 million institution serves South Florida with nine branches. People who live or work in South Florida’s three counties can join the credit union, which was founded in 1935. For more information on Tropical Financial, visit www.TropicalFCU.com.