"You don't need a credit score, we provide interest-free shopping based on the members' depository history and average monthly balance.
Washington, DC (PRWEB) September 22, 2016
Washington, DC, September 2016: Department of Labor Federal Credit Union has partnered with ClearChoice Interest-free Shopping Program to create a new revenue stream for the credit union while at the same time providing members with a great new way to shop for their everyday needs. Members can shop for thousands of brand name appliances, electronics, furniture and other products, receiving at or below retail pricing, and using an interest-free loan provided by the credit union.
The platform and patent-pending loan underwriting guidelines provided by Savvi Shopping are expected to help expand wallet share of existing members, by providing a reliable and fair priced shopping channel coupled with an interest free (forever) loan. “Our members are going to buy these products at some point, and in many cases it might be an emergency situation to replace a broken appliance or in the case of recent natural disasters having to wait on an insurance check. The Interest-free Program gives them an alternative to using a credit card or having to open up another account with a retailer to get interest-free financing. And for those members that have struggled financially, this program provides fair pricing and the value of an interest-free loan from their credit union,” explained Joan Moran, CEO of Department of Labor FCU.
Because there is no credit check and the credit limit is based on a member’s account history, it offers financial institutions a way to provide an interest-free loan to not only prime members, but non-prime as well.
“With the Interest-free Shopping Program”, explained Eric Webb, Savvi Shopping CEO, “you don’t need a credit score at all. It’s all based on depository behavior and cash-flow in the account, which is the most current predictor of future outcomes than a credit score algorithm no one understands and that punishes you for something long in the past.”
Headquartered in CO, the Savvi Shopping Interest-Free Program is a revolutionary way to look at lending, and increasing revenue for credit unions, while bettering the lives of their members. Savvi Shopping’s mission is to leverag relationship lending to make products affordable and payments stress-free for everyone. Savvi Shopping is a trademark of ClearChoice Holding LLC.