Eaton Family Credit Union Receives Award for Seasonal Loan Program

Eaton Family Credit Union CEO Michael Losneck, center, accepts the Louise Herring Philosophy-in-Action Member Service Award, presented by Paul Mercer, President of the Ohio Credit Union League, and Stan Barnes, CEO of CSE FCU and Chair of the Ohio Credit Union League.

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Lower-cost seasonal loans can save consumers money, especially during key times of the year.

The Ohio Credit Union League in April recognized Eaton Family Credit Union for providing special loans during the holidays and summers, said Mike Losneck, the credit union’s CEO.

“We’re proud to have received the Louise Herring Philosophy-in-Action Member Service Award,” Losneck said. “We’re helping Members get the money they need now at a very low cost.”

Each year Eaton Family Credit Union offers a special, unsecured Holiday Loan to Members that is not based on their individual credit rating. The Holiday Loan period starts in October and ends December 31. The maximum loan amount is $1,500.

A Summer Loan program also is available, Losneck explained, and typically becomes available in June.

In 2015, 126 Holiday Loans were made. Of these, 56% were made to a Member who otherwise would not have had access to a loan because of their subprime credit score.

Losneck said the holiday and summer program is successful because it also help Members understand the relative cost of other financing options and how they can plan throughout the year to make sure they have the money when they need it most.

The Louise Herring Philosophy-in-Action Member Service Award is given annually to an Ohio credit union for its practical application of credit union philosophy: People Helping People. The award recognizes extraordinary internal programs focused on a credit union’s membership and create services to benefit the Members.

To celebrate winning the award, Losneck said Eaton Family Credit Union is introducing the Summer Loan special a little early this year.

Members can get up to $1,500 at 6.99% APR with up to a 12-month repayment term. Losneck said the money can be used for whatever the Member wants: to pay for a vacation, home renovations or unexpected expenses. The deadline to apply is Saturday, July 30.

Losneck reminds Euclid residents and those who are employed within the city, they are eligible for membership in the credit union.

For more information, Losneck said to call 216-920-2000 to speak with a Member Service Representative.