Local Credit Union to Offer Loans for Quinceañeras

Local Credit Union to Offer Loans for Quinceañeras

By Alicia Neaves

NewsWest 9

MIDLAND/ODESSA - One local credit union is planning to lessen the financial burden off of parents for quinceañeras.

As one Midland mom tells NewsWest 9, putting on one of these celebrations isn't cheap. In fact, Southwest 66 Credit Union says quinceañeras cost, on average, $25,000.

"It's about the girl that's coming up of age. It's all about her," Midland resident, Sonya Mumme, said.

"It's like a second wedding," Aaron Chavez, Vice President of Marketing for Southwest 66 Credit Union, said.

When the average family spends $25,000 on a quinceañera, one bank says many need some extra help to get that cash.

"We understand that there's a need and we want to be proactive about that need," Chavez said.

Southwest 66 is the only bank in the area to offer a quinceañera loan. The money won't just be lent to the parents but also the "padrinos" or godparents. To help ensure the money goes to where it needs to go, for example, if the padrinos are sponsoring the cake, they've planned ahead.

"The money doesn't go to the person. It goes to the company," Chavez said.

Padrinos and other sponsors will help pay for the dress or maybe the venue.

Sonya Mumme had a quinceañera for her daughter earlier this month.

"Had we had something that we could get a loan for something like that, we probably would have done it," Mumme said.

She says sponsors helped relieve some of the party costs.

"We did have a lot of sponsors. We had quite a bit for our DJ and that was one of our biggest expenses," Mumme said.

The food, which can be one of the bigger checks to write, was instead made by the family. That saved them $2,000.

"My mother decided she was going to cook three months before the event. She didn't want us to pay the money for a caterer. We were looking at 200 plus people and $10 a plate and that's a lot of money," Mumme said.

The loan program is set to begin September 16.

So how much financial help are we talking about here? The Credit Union says about $2,500 per Padrino and possibly $10,000 for the parents might be the route they go.

At this time, they are still refining the loan program.