It used to be called a home equity line of credit

[Mr. Pink]

Now, it's more specific:

https://www.unitusccu.com/personal/personal-loans/bicycle-loans

[Shortsocks]

Colnago C60...HERE I COME!!!

[MattTuck]

Now I can finally get the Meivici that I always wanted! oh, wait.

[ultraman6970]

And what happens if you cant pay back?

[sitzmark]

And what happens if you cant pay back?

Same thing that happens when any loan isn't paid back - late fees, demand notices, renegotiated loan structure, damaged credit, credit agency harassment, repossession of bike, ....

It's a simple fixed rate unsecured personal loan.

[raygunner]

So is PDX over leveraged on their cycling assets?

https://www.unitusccu.com/images/uploads/Images/8610-Graphic544Pwide.jpg

[54ny77]

"encourage healthy living while actively connecting with our community."

that's the best euphemism i've heard in the lending space in recent times.

[sparky33]

And what happens if you cant pay back?

delinquents will have to sit and listen to 100 hours of personal finance 101.

[572cv]

I say, OK, good outreach effort by a CU/small community bank. All of these entities are competing for customers, and looking for ways to get younger folks in the door and on the books. It will either have a good ROR or not, but it deserves some respect for being outside of the usual box. At the least, it could get more folks onto bikes.

[stephenmarklay]

I don’t see anything wrong it. Now that fact that bikes are so expensive we need to consider this is another thing.

[Shortsocks]

delinquents will have to sit and listen to 100 hours of personal finance 101.

Thats great. Thanks for the Laugh. My wife did that with me when we first got married. Didn't work...She was too pretty. Couldn't concentrate.

[moose8]

I think fixed gear should be fixed rate and all others variable.

[Louis]

What about a loan for an upgrade to all my Rapha kit?

https://s-media-cache-ak0.pinimg.com/736x/09/10/3f/09103faf0603e4dcfebc0eaf74b8c4cd.jpg

[Hank Scorpio]

Willem Dafoe is a Rapha model?

[happycampyer]

Instead of a HELOC, it's a BikeLOC.


Ba-dum-bump.

[rcnute]

I say, OK, good outreach effort by a CU/small community bank. All of these entities are competing for customers, and looking for ways to get younger folks in the door and on the books. It will either have a good ROR or not, but it deserves some respect for being outside of the usual box. At the least, it could get more folks onto bikes.

Good way to screen out people you'd never want to loan real money to.

Ryan

[Louis]

I wonder how much money I can make bundling Schwinn bike loans with Waterfords?

Is there going to be a secondary market for these loans? How about collateralized debt obligations?

[54ny77]

And where CDR takes on a whole new meaning: Campagnolo Drivetrain Rate.

I wonder how much money I can make bundling Schwinn bike loans with Waterfords?

Is there going to be a secondary market for these loans? How about collateralized debt obligations?

[franswa]

So is PDX over leveraged on their cycling assets?

https://www.unitusccu.com/images/uploads/Images/8610-Graphic544Pwide.jpg

Since when does the sun shine like that in Portland? Photoshopped!

[Mr. Pink]

And what happens if you cant pay back?

The credit union has a little party, involving alcohol, of course, then unleashes the party goers to drive through the delinquent borrower's neighborhood with instructions to constantly text the office about their whereabouts. Or, you know, just get on the phone and text office gossip.