The mailing, by WWAV Rapp Collins, carries the endline: "What will you turn our money into?" It contains a Lloyds TSB "banknote" that has £1,000 and £25,000 - the range of loans available - printed in each corner.
It also includes a booklet, entitled The Art of Folding Money, which shows customers how to use origami to transform the bank note into items that can be bought with a Lloyds TSB loan.
For example, "the brand new wardrobe" shows recipients how to make a shirt out of the banknote; "the cruise" sees the note turned into a boat.
"The interior-designed home" shows how it can be folded to form a house.
The 200,000-strong mailing is part of the high-street bank's drive to cross-sell its loan products to other members in its group. Cheltenham & Gloucester became part of the Lloyds Bank Group when it demutualised in 1995.
David Baughan, the senior campaigns manager at Lloyds TSB, said: "Loans mailings can be very formulaic. This one will achieve standout with its innovative approach."
The mailing was art directed by Paul Beier and written by Susan Young.