How Credit Unions Can Help Members Learn About Loans

Sometimes it can be a challenge to educate members on the differences between the loan options in their credit union’s portfolio. If this is the case at your credit union, here are six ways to help your members learn about the loans you offer.

Have lunch and learn sessions – Lunch and learn sessions are perfect for credit unions to connect with their members and gauge their needs. The sessions provide one-on-one attention that will likely make your members feel more comfortable about the loan process. You can educate your members about your products and let them know you are the lender of choice when the time comes.

Clear and concise literature – Your members will appreciate having something tangible like a pamphlet to take with them to review at their leisure. Providing brochures explaining your loans in a simple manner will come in handy when the conversation comes up at home for your members. Handouts also provide a tool for your tellers to review with members to show the difference between the loans your credit union offers.

Loan specialists – A loan specialist is someone who knows the ins and outs of your credit union’s loan products. This person doesn’t have to be available to your members all the time, but having one available to your members will help create a welcome sense of security. Not everyone is comfortable with the loan process, and providing a specialist will help put your members at ease during the process.

Provide for each demographic – Loan needs can vary greatly among demographic groups. In many cases, separating loan products by demographic also makes more sense to your members. Focus the information of each pamphlet or flyer to a certain demographic. Your members will appreciate information that is tailored to them when you use examples for someone who is around the same age and going through the same scenario.

For example, with auto loans you have a wide range of age groups that will be applying, including the new driver who is just 16 and will likely have a parent co-signer–and the grown adult who is buying their third new car. By providing information for several demographics for the same loan, you can connect to your members like never before.

CU Solutions Group, Livonia, Mich., can help you reach your members through your loan programs at levels you never thought possible. With our campaign execution, print production and groundbreaking direct mail services we can take your current loan programs to new heights.