GUASFCU Marketing Test-In

General Credit Info 1. CB, documentation, applications are where? 2. We are one of the only financial institutions that ... 3. Who can take out a credit builder: 4. Decisions on loan applications should be expected by....? 5. What do I do if I have bad credit/little income/savings?

1. CB in member services, documentation emailed, applications. on website 2. we are one of the only financial intuitions who will NEVER charge pre-payment fees if members what to pay the loans off early 3. ANYONE regardless of credit score/income can take out credit builder 4. Decisions on loan applications should be expected in 3-5 business days, $20 if 2 days, $30 if overnight 5. Bad credit/little income/savings --> financially responsible person can cosign

The Credit Builder: 1. Target audience: 2. best time to market 3. how to explain it to members 4. Why it isn't offered at big banks 5. pricing and options 6. How to advise members on principle and duration 7. What can I expect my credit score to be?

1. Target audience: Anyone who wants to build their credit, good to get students lending with GUASFCU 2. best time to market: OAW, every time a member opens an account 3. how to explain it to members: for a small price ($30), we generate a frozen loan in their account which is automatically paid off over the next year and a half. We take care of payments and reporting to Equifax. Credit score goes up. 4. Why it isn't offered at big banks: Artifically inflating our members' credit. Banks price debt with credit scores. Not in the best interest of banks to provide cheap debt. 5. pricing and options (starts at $30 for 18mo for 1k, for 2k is $60, etc.) 6. How to advise members on principle and duration: advise 2 $30 18mo 1k ones rather than one 2k-- two loans builds credit faster 7. What can I expect my credit score to be? Can't determine, dependent on size of credit builder, duration and credit history-- up to above 700 fo $30 builder RATE: 3.75%

The Credit Builder: 1. Target audience: 2. best time to market 3. how to explain it to members 4. Why it isn't offered at big banks 5. pricing and options 6. How to advise members on principle and duration 7. What can I expect my credit score to be? RATE?

1. Target audience: Anyone who wants to build their credit, good to get students lending with GUASFCU 2. best time to market: OAW, every time a member opens an account 3. how to explain it to members: for a small price ($30), we generate a frozen loan in their account which is automatically paid off over the next year and a half. We take care of payments and reporting to Equifax. Credit score goes up. 4. Why it isn't offered at big banks: Artifically inflating our members' credit. Banks price debt with credit scores. Not in the best interest of banks to provide cheap debt. 5. pricing and options (starts at $30 for 18mo for 1k, for 2k is $60, etc.) 6. How to advise members on principle and duration: advise 2 $30 18mo 1k ones rather than one 2k-- two loans builds credit faster 7. What can I expect my credit score to be? Can't determine, dependent on size of credit builder, duration and credit history-- up to above 700 fo $30 builder RATE: 3.75%

Auto Loans: 1. Target audience 2. starting rate 3. Best time to marrket 4. Why take an auto loan from GUASFCU?

1. Target audience: alumni in need of a car 2. starting rate: 1.99% 3. Best time to market: late fall, spring and summer when getting back tax returns 4. Why take an auto loan from GUASFCU? 3 reasons a) any type of vehicle, not matter how expensive b) one of the only financial institutions that won't charge more for used auto loans than for new ones (same) c) rates are lower than the market, will always beat competitor banks or dealerships if they give a lower offer for approved applicants

Undergrad student loans: 1. The max we can give to one student is ___ 2. The maximum aggregate student debt (all-in) that an applicant may have is __ 3. Min GPA of ___ 4. The rates that students pay are variable and float with the ____, which is basically a type of risk-free rate (currently around ____). 5. Competitive because? Are fixed rate loans available to undergrads? 6. Deferred payments? 8. Reduction?

1. The max we can give to one student is $120k 2. The maximum aggregate student debt (all-in) that an applicant may have is $160k 3. Min GPA of 2.0 4. The rates that students pay are variable and float with the LIBOR, which is basically a type of risk-free rate (currently around 2.5%). 5. Competitive because? Are fixed rate loans available to undergrads? No, only variable. Competitive bc lower than the goats "parent plus" loans for qualified applicants. 6. Deferred payments? Can defer until graduation, except need to pay $25 a month (deducted from future interest payments) 8. LendKey offers a .25% rate reduction when signed up for automatic ACH payments and a 1% reduction after repaying 10% of the initial principal balance during repayment period

The 3L Loan 1. What is a 3L loan? 2. Target audience 3. starting rate 4. max amount 5. best time to market 6. why take a 3L loan from GUASFCU?

1. What is a 3L loan? Graduation loan marketed specifically to students who are graduating from Georgetown Law (3L= third year law). Only difference from graduation loan is that there are even lower interest rates. 2. Target audience: students graduating from Gtown law 3. starting rate: 5.75% 4. max amount: $25k 5. best time to market: fall push and then spring push 6. why take a 3L loan from GUASFCU? a) No special fees for deferral of payment, no prepayment fees b) reduced rates just for law students c) most often, applicants graduating with a signed job offer in the legal field will be approved

Credit Card Consolidation Loans: 1. What is a Credit Card Consolidation Loan? 2. Target audience 3. starting rate 4. max amount 5. best time to market 6. why take out a credit card consolidation loan

1. What is a Credit Card Consolidation Loan? Personal loans that are used to pay off credit card balances. Credit card debt balances have super high interest rates, so at GUASFCU. a member can take out one of these loans to pay off the large credit card balance and then pay us back at a lower rate. 2. Target audience: alumni and graduate students 3. starting rate: 7.49% 4. max amount: $25k 5. best time to market: after holidays and breaks (ppl spent a lot of $ on their credit card) 6. why take out a credit card consolidation loan? a) great customer service b) can advise on credit health c) lower interest rates than the credit card debt rates

Graduation loans: 1. What is a graduation loan? 2. Target audience 3. starting rate 4. max amount 5. best time to market 6. why take a graduation loan from GUASFCU?

1. What is a graduation loan? Same thing as a personal loan, except the first repayment will be deferred until the member receives their first paycheck from a new job. The maximum time they can defer their payment to is 1 yr, but we prefer 6 months. Nothing else like it! 2. Target audience: graduating students, market to all schools except Gtown Law 3. starting rate: 7.49% 4. max amount: $25k 5. best time to market: spring semester --> graduation 6. why take a graduation loan from GUASFCU? a) Lowest rates in the market AND don't have to pay prepayment fees b) will generally approve anyone with a signed job offer (provided it pay well) c) Can defer payments without special fees

Internship Loans 1. What is an Internship Loan loan? 2. Target audience-- chances can be maximized if... 3. starting rate 4. max amount 5. best time to market 6. why take a Internship loan from GUASFCU?

1. What is an Internship Loan loan? Mix between a personal loan and a graduate loan, basically targeted towards students who need expenses for the summer. Deferral available upon request. 2. Target audience: undergrad students who need money over the summer. Chances can be maximized if we have a relationship with them, they have a strong parent to cosign the loan, or have a high paying internship 3. starting rate: 7.49% 4. max amount: $25k 5. best time to market: March, spring 6. why take a Internship loan from GUASFCU? a) Even if you don't have credit history or an unpaid internship, will be approved with strong parent cosign b) Flexible payment during duration and deferral for each situation c) Low rates that can result in extremely cheap debt if the loan is paid off early

Consolidation loans: 1. for student loan refinance, we use ___ instead of _____ 2. can consolidate up to ____ of undergrad or grad student debt 3. rates? 4 ___ years of income verification

1. for student loan refinance, we use Credit Union Student Choice instead of Lendkey 2. we can consolidate up to $175k of undergraduate or graduate student debt 3. we offer both fixed and variable rates 4. Need two years of income verification

Graduate student loans 1. max 2. max aggregate student debt: $250k

Same as undergrad except 1. max: $160k 2. max aggregate student debt: $250k