Dateline: November 10, 2005

Banks offering zero interest Christmas loans

By Cheryl Johnson, Clarendon Enterprise

Shopping at home for the holidays is easy and affordable as local banks have again teamed up to provide zero-percent interest “Christmas Cash” loans this year.

Interested parties must make application for a loan up to $3,000 with any of the local banks.

The annual program has proven popular with many consumers and is seen as way to encourage folks to shop at home with hometown merchants and to keep our local economy strong.

Once a Christmas Cash loan has been approved, the borrower will be issued specially printed Christmas Cash Dollars, which may be spent like US currency toward new purchases of products and services (excluding Lottery tickets, gasoline, and tobacco products) at all of the participating businesses. Businesses will display posters indicating they are participants of the promotion.

There will be no exchange of US currency to make change. For example, if someone purchases items valued at $72.95 and gives the merchant $80 in Christmas Cash, the merchant can give them $7.05 in-store credit. The customer may also pay $70 in Christmas Cash and the remaining $2.95 in US currency.

Christmas Cash is available in three denominations: $10, $20, and $50. There are two signature lines, much like traveler’s checks.

The borrower’s signature is placed on the signature line before they leave the bank, and then they must sign on the endorsement line when they spend the “Cash.”

Christmas Cash must be spent at the participating merchants by December 31, 2005. Unspent Christmas Cash may be applied toward your zero-percent loan at the bank through January 5, 2006. Christmas Cash notes are paid back in ten equal monthly installments.

After January 5, 2006, Christmas Cash becomes worthless.

It’s amazing the variety of products Christmas Cash can purchase. Some of the items purchased in years past included: replacement windows, vehicle repairs, groceries, Christmas dinner, car stereos, special gift items, centerpieces, clothing, and much more.

The Donley County State Bank, The Herring National Bank, and Community Bank will buy Christmas Cash from participating merchants at a rate of 95¢ for every $1.

This year’s participating merchants are: Clarendon Outpost, Clarendon Veterinary Hospital and Vet Supply, Cornell’ Country Store, Country Bloomers Flowers & Gifts, Every Nook and Cranny, Floyd’s Automotive Supply, Floyd’ Body Shop, Henson’s, Hitchin’ Post, J&W Lumber, Lowe’s Family Center, McKinney Motor Company, Mike’s Pharmacy, Poor Boys Antiques, Saye’s, Stavenhagen Video, The Clarendon Enterprise, and White’s Feed and Seed.

This is the eleventh year for the Christmas Cash program. The idea of zero-percent loans began in 1995 through the cooperation of the Clarendon Chamber of Commerce, the Clarendon Merchants Association, and local banks.