I assisted a member who came in simply to deposit his check with cash back, and while processing his request I asked where his vehicle was financed to see if we could save him some money. He said it was, “some bank in California” and wasn’t sure on the rate, but he knew it was high. I asked if he wanted to see if we could get him a better rate – he said his credit wasn’t good, and he didn’t have time to do an application right then, but he was interested in lower payments.
This member called in back in November to get some help with his personal loan due to having a hard time with his finances, and wanted to ask about options for reducing the monthly payments. We talked about solutions other than a loan modification and I thought, if the member was struggling with this one payment, was he struggling with others…?
I followed up with this member after she submitted an online application to convert her Gateway Line of Credit to a Visa Gold Credit Card for additional benefits. While going over her application, I noticed she had two auto loans and additional credit cards that appeared to have high interest rates. After we finished the Visa Gold request, I asked if she knew what her interest rates were on those other loans, and after a few quiet moments she said, “Not good at all.” I told her I would do some calculations to see if we could help her refinance the auto loans, and possibly consolidate the credit cards at a lower interest rate. She liked the idea, but was in hurry to go back to work and promised to call back and let me know how to proceed.