I helped this member with a deposit and a payment on his personal loan, and while processing his transactions he informed me he still had a need for more funds. We talked about doing another personal loan, or maybe an equity loan since he was using it for home repairs and improvements. He was very interested, but didn’t have time to discuss the options so I offered to call him at a better time. When I called a day or so later he wasn’t available, so I left a voicemail and sent a follow up email asking him to call me back. Several days went by, so I called to reconnect with him and found out he did go through with another personal loan. Since I knew the equity loan could save him much more money, I explained the difference in the rate and loan amounts. He was still not sure due to the possibility of an appraisal being necessary, but after a bit more explanation of the cost savings he agreed to submit the equity loan application and he was APPROVED!
A few days later I noticed he was still approved, but nothing had progressed with the loan so I asked Lending and they confirmed an appraisal would be needed. An appraisal is one of the only fees members need to pay up front, which is why this member was hesitant to proceed. I knew he would be saving money in the long run, so I gave him a call again to discuss the benefits an equity loan would have over a personal loan. Once he heard about all the savings, and the rate drop from the personal loan to the Advantage Equity, and how he can consolidate debt for one lower rate and payment, he and his wife agreed the appraisal would be well worth it! They said they would give Lending a call the next day to confirm the appraisal and figure out what else is needed to proceed. After that, we just needed to receive and verify some information and set a time to go over the disclosures and documents with them, but it turned into one of those things where everything just goes wrong. After several days of conflicting schedules and system issues, I apologized for the inconveniences and asked if it would be OK if I came to them with the remainder of the documents they needed to sign. They said, “Yes, no worries we are right down the street.” Soon after that, I received the documents from Lending so I was able to head out and meet with them to wrap things up. After everyone’s hard work, their equity loan funded shortly after, which paid off almost $20,000 of higher rate debt and left the rest to take care of the remainder of their plans to improve and update their home!