When this member called in and asked for her balances, I made sure she knew how awesome our Mobile Banking App is for account info. and all of the other features it offers. After we finished getting her set-up with online access, I asked if she had any credit cards with balances that might be good to do a balance transfer with 1% rebate to her Qualstar Visa credit card and she said, “Yes.” I let her know we may be able to save her some money
This member’s original request was for a $2,000 loan, but his application was denied because of too much existing debt. After receiving that decision, he called back with questions and I was the one who spoke to him. After I answered his questions, and learned the original loan was to pay for his dog’s surgery, I checked on the value of his home and offered to see if an equity loan to consolidate his high rate debt would be a good solution. He liked that idea, so we got started on his equity loan application. When the approval came back, I noticed a full pre-paid appraisal report would be required. I knew he wouldn’t have the amount needed to pay for the report, so I quickly came up with another option to help take care of it. I created an additional application for a Personal Line of Credit, and noted the funds would be used to pay for the full appraisal report, pay off an existing auto loan with us, AND there would be enough left to pay for his dog’s surgery. When I submitted it for a decision, the application came back APPROVED! When I called him back to explain what we could do, he happily accepted the Personal Line of Credit deal to take care of those few expenses, which put him in a better situation to get an equity loan to pay off his other high rate debt.
The appraisal report came back a couple of weeks later, and the $100,000 Advantage Equity loan funded shortly after that. We were able to pay off another existing auto loan and paid off ALL of his (and his wife’s) unsecured credit card debt. We lowered their total monthly payments by over $1,000.00 and he will no longer be struggling to pay all of those individual credit card balances here & there. And most importantly, his dog is doing GREAT!
Back in May, this member came in to do a couple transactions and I saw she was pre-approved for a Gateway Line of Credit. Talking about it with her, it became apparent a Gateway was not what she needed so I started to give her information about our other loan options. We passed by credit cards, autos, personal loans, and we ended on home equity loans – Ivonne assisted me with giving the member all of the necessary information.