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The Answer To Loan Growth Is...

statedeptPrescreenQ. What does a 4.80% response rate on a prescreened VISA® balance transfer offer look like?
A. How about $1.38 million in new credit card balances!

If you’re like many credit unions today, you’re questioning how to effectively grow your loans and take advantage of new opportunities that are within reach of your marketplace and budget.

Prescreen Is The Answer

A prescreen is a highly targeted offer of credit that uses credit scores, loan balances and various other credit specific criteria to pre-qualify or pre-approve consumers for a loan.

Through our experience, we’ve found that the use of a prescreened loan offer is the answer to increasing loan volume and balances with consistency and confidence.

Prescreen Response Rates

The Direct Marketers Association (DMA) reports 1% as the average response rate for a standard direct mail campaign in the financial services industry. On prescreened direct mail, the response rates that we’ve tracked over the past 5 years have consistently averaged in the range of 2% to 5%.

To put the response rates into perspective, imagine sending out 5,000 prescreened loan offers and getting at least 100 to 250 qualified loans above your monthly organic loan growth. According to the NCUA, the average loan balance is $12,532. Now multiply that by the average response and it’s $1.25 million to $3.13 million in new loans!

Prescreen Your Loans

Whether you need to increase Auto Loans, Credit Cards, Home Equity Loans, Mortgages, Personal Loans or even Student Loans, you can benefit by using a prescreen offer to generate new loans or capture existing loans from your competition.

Prescreen To Benefit Members

Not only do prescreen offers benefit your credit union in new loan growth, but they can also help members save money through better rates or lower monthly payments.

With our variable data printing (VDP) process, we can personalize the prescreen offers to show prequalified loan amounts, new rates and terms – and depending on the type of loan (and data available) we can even include the monthly and lifetime savings amount the member can expect.

Prescreened Auto Loan Offer – Example

 

Pre-Qualified Amount

$7,000.00

Your Estimated Current Monthly Payment

$481.00

Potential Savings Each Month

$177.00

Estimated Savings Over the Life of Your Loan

$4,248.00

New Fixed Rate

3.99% APR

Proposed Repayment Term

24 Months

 

Prescreen Today!

MPI makes the prescreen process easy! We work directly with the credit bureaus and alongside you every step of the way.

Contact us at 888.641.1215 or e-mail us and let’s get started on your prescreen today!

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