60-Day Loan Guarantee, Building trust in credit unions by allowing members to return a loan in 60 Da
One of the core missions of a credit union is to meet the loan needs of its membership. We know that members want to make sure that the loan they take is best for them, and we know many less reputable lenders over the past few years have diminished trust in this area. Unlike any offer in the marketplace, we propose that providing a “money back” guarantee on a loan could build trust with consumers and lead to more success in loan campaigns. We developed the 60-Day Loan Guarantee, which would give members a refund on paid interest in the first 60 days if the loan was returned/paid back, regardless of the reason. By issuing a loan with a refund policy, members trust that the terms advertised will be delivered at loan closing, and this provides members the flexibility to enter and exit the transaction in a short period of time without any financial risk.
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