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While some banks offer promotional air miles or ski passes with their services, Elevations Credit Union thinks along greener lines.
The credit union, which is owned and controlled by the members that use its benefits and services, recently developed the Green Loan Discount.
Manager of the UMC Branch Cindy Lamb said the Green Loan Discount was established because of credit union members in Boulder.
“Boulder seems to be more upfront about conservation and recycling and therefore more enthusiastic to participate in this discount,” said Lamb. “We even print our checks on recycled paper.”
When members choose to upgrade their homes for green living, the credit union offers the Green Loan Discount, a loan with 6.75 percent APR financing.
In order for members to qualify for the green loan, the home upgrades could include but are not limited to solar panel systems, geothermal heating systems, radiant floor heating, doubled paned windows, skylights and suntubes, solar outdoor lighting and personal wind turbines.
Member Service Representative Tony Sands said the Green Loan Discount has generated a lot of interest, particularly with CU faculty.
“We have only been offering this loan for three or four months and it is already so popular,” said Sands. “CU faculty uses the loan more but only because most students don’t own their own homes yet to make green upgrades on them.”
Another feature of the green loan is the same 6.75 percent APR financing on the purchase of a hybrid car.
Brittany Downing, a senior English major, is enthusiastic about the idea of a special loan for a hybrid car.
“It’s such a great idea; I hope members take advantage of these environmentally promotional loan offers,” said Downing. “If I could afford a car right now, I would definitely jump on this deal.”
The credit union also offers bike loans exclusive to students.
“A student can choose a bike at any bike shop, put down 10 percent and then get a loan from our bank,” said Sands. “If students pay off their bike loan in 12 months, the loan is interest free.”[i]Contact Campus Press Staff Writer Heather Koski at email@example.com.[/i]