Posted by Lisa Hochgraf
Can your credit union get a member an online loan decision in four minutes or less? Do you tell the member how fast the process is up front?
CUES VP/Publications Mary Arnold recently brought to my attention the "four-minute loans" offered by $229 million CommonWealth One Federal Credit Union, Alexandria, Va. From the CU's home page, I clicked on "24/7 Lending: A loan decision at your finger tips – when you need it! Click here to get an instant decision anytime, anywhere."
The linked page says:
"Welcome to our Internet Loan Application!
- The average time for completing our application is only 3 minutes.
- After submitting the application we will provide you with a decision in less than 60 seconds.
- Thank you for applying through CommonWealth One Credit Union..."
We think that many credit unions may have the capability to make decisions so fast. But the team at CommonWealth One FCU (led by President/CEO John R. Blair Jr., CCE, a CUES member) gets a salute from us for saying it so plainly. Members who follow that link know what great service they're getting. Well done!
