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New Loan Development

Loans are the lifeblood of the credit union. They are what the membership look to credit unions for and they are the single most profitable product that any credit union offers.

Credit unions are always looking for ways to increase loan volume while mitigating risk and losses. One of the biggest challenges that the lending industry faces is the fact that every bank, finance company, car title and payday lender, as well as other credit unions, want to make the same loan that our clients do to their members. Combining that certainty with the additional detail that people, collectively, are borrowing less in the current market, makes this an even tougher environment for credit unions to attract new business.

The good news is that, even with a reduction in overall lending requests, almost everyone will require a loan at some point. One of the things credit unions need to communicate to their membership is that the credit union is not only the first choice for lending options, but is ideally the only place the member would want to do business.

In addition, the credit union wants to impress upon its current membership the benefits of credit union membership by sharing the credit union’s products and services with friends, family, neighbors and coworkers. These simple but powerful marketing points are an area where BCUS may also be of assistance.

Member Appreciation Program

Very few credit unions have an ongoing and consistent methodology for saying "thank you" to their members. I know that the front line staff often thanks the members when they are in the branch or drive thru. Some credit unions send out "thank you" cards after a member takes out a loan or opens an account. As important as these things are, they accomplish nothing when it comes to letting the rest of the membership know how much the credit union appreciates their business. It is crucial that the credit union finds a way to make direct contact with virtually all of the membership to let them know that they are appreciated for their past, present and future business.

This is precisely what BCUS’s Member Appreciation Program is designed to do. It ensures that when the membership has a financial aspiration, borrowing or otherwise, the credit union will be the first place they consider to fulfill that desire or requirement.

Dealer Referral Program

Additionally, it should be addressed that those in the buying public within the geographical area of the credit union may not be members of the institution yet, but qualify for membership and are presently looking to finance large dollar purchases with local merchants are an untapped market.

This is where BCUS’s Dealer Referral Program is an excellent service option. Under this program, BCUS meets with credit union management and determines what types of loans the credit union requires and how aggressive the credit union will be regarding these types of loans.

These could be loans for anything from new cars, used cars, boats, motorcycles, RV’s, or ATV’s; any large ticket item that the credit union chooses to use as collateral for a loan would fall into this category. BCUS contacts local dealers to select the most compatible with your credit union and then sets up the direct referral relationships with them on behalf of the credit union. As part of the agreement, BCUS positions a comprehensive program to monitor the dealer’s activity and practices once they begin referring business to the credit union to ensure ethical and quality lending that benefits all parties involved.

To clarify; these loans are referred directly to the credit union. The credit union maintains control of the entire credit extension process from the initial loan application to the credit investigation, to the new member visiting the credit union to open their account and close the loan.

The best part of these programs is there is no cost to the credit union for the member appreciation or dealer referral program until loans are actually closed, funded, and part of the portfolio.

This positively impacts the credit union client by:

  • Increasing direct communication between the credit union and the membership
  • Consistent and enduring contact insures that the credit union is the member’s first choice when considering their lending options
  • Enabling credit unions to increase their loan portfolio in specifically targeted areas
  • Providing additional opportunities to cross-sell other credit union products and services
  • Bringing new members into the credit union

In summation, Blake Credit Union Services, Inc is a full service lending and collection services provider whose list of programs and options is entirely customizable to your specific credit union’s needs. BCUS works in tandem with existing credit union employees for a results driven, seamless approach to meet the needs of your organization’s lending and collections requirements with no hidden fees or unexpected charges.

For more information, please contact us at (281) 362-2752.