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A truth as old as the credit union industry itself: small-dollar loans definitely give members some breathing space if they’re experiencing an unexpected life event. But few consider that small-dollar loans are useful for far more than just emergencies. They’re a perfect resource for financing summer fun!

“Summer lovin’, had me a blast”

The warmer days of 2024 are finally upon us! Life just got a little busier, especially as your members’ schedule of summer activities fills up, perhaps more than their checking accounts. 

Swimming lessons, backyard barbecues, even vacation planning; If members suddenly find themselves unable to spend or hold back on their mid-year finances, wisely borrowing some funds may give them the opportunity to say YES to memories that will last a lifetime.

Such circumstances make small-dollar loans the accessible credit union advantage for individuals or families who suddenly find their schedules chock-full of activities, celebrations, and other summer costs. Any of these look familiar? 

  1. High school graduation parties
  2. Swimming lessons
  3. Summer camps
  4. Family vacations
  5. Amazon Prime Day in July
  6. Fourth of July celebrations
  7. Labor Day celebrations

Many of these summer activities and celebrations come at a cost. By using small-dollar loans, especially through the accessible and affordable QCash platform, your credit union can offer members a responsible loan that is financially healthy, and easier to repay on time with a schedule that works with them, not against them. 

Peripheral advantages with financing summer fun

Let’s not forget the long-term benefits of taking out and paying back a loan. While they are a form of debt, small-dollar loans also serve as a tool in building good, strong credit. They build credit because they contribute to members’ credit history and credit mix while lowering their credit utilization ratio. According to Bankrate, these three factors alone account for 75 percent of consumers’ credit scores. 

We have spoken quite a bit through the years about the fulfilling stories stemming from the stressful Christmas holidays; numerous credit unions coming through for their members by providing timely small-dollar funds that solved their unexpected financial emergencies. 

QCash serves the same function for those uncertain members looking to make a splash during the summer. While members schedule out all the warm-weather events in the next few months, remind them to look ahead and consider giving their checking accounts a rest by financing summer fun with a small-dollar loan, preferably from QCash!

When your credit union is ready to level up to deliver instantaneous small-dollar lending opportunities for your members, feel free to go to QCash’s View Demo page and see for yourself what we can do for your cooperative.