Just over a year ago, we reported that Portland-based Unitus Community Credit Union offered a bike loan. Now comes word that a second local credit union, Northwest Resource Federal Credit Union, has a similar program.
According to their website, NRFCU is now offering bike loans, “to help Northwest Resource members get off the gas pedal and step on a bike pedal!” Here are some specifics:
* Rates as low as 7.50% APR*
* 12-month term
* Borrow up to $2,500
* 100% financing of bike plus accessories
If you qualify for the loan, you just bring them your purchase receipt and they will reimburse you. They can also make a check out directly to the bike shop if you bring them an itemized invoice.
NRFCU serves the employees of gas company NW Natural and anyone who lives in Portland’s central city neighborhoods.
Now that two credit unions offer a similar loan product, perhaps customers will win due to competition. A quick comparison of NRFCU’s loan versus the Unitus loan shows that this new one offers 100% financing (Unitus only does 80%) and it’s available with a slightly lower APR (7.5% with direct payment from NCRFU account versus 7.99% at Unitus with similar reductions).