With autumn nipping at the heels of the last days of summer, credit unions are already gearing up to roll out their holiday loan programs.

The promotions, which typically kick off around the first of November and run through the New Year, have become a popular mainstay for members looking for a little extra cash to pay for gifts and vacations with the promise that the debt will be paid off by a certain term date.

Part of the lending strategy transformation that took place at the $230 million Texell Credit Union in Temple, Texas, had to do with wanting to better serve a predominantly low-income membership base. In 2013, the cooperative experienced its highest loan performance in its history by offering such products as holiday loans.

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Lending