Member Saving Stories

Catherine knew this member didn’t deserve a 29% auto rate…NO ONE does!

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I was helping this member with a transaction, and while having a great conversation I asked if he had any loans we can help him with lower payments. He said he did want to see if we can get him a personal loan, “to consolidate debt.” I let him know we could definitely get started right away if he had time, and fortunately he did.

While doing the application, I also asked if he had any auto loans with a high rate and he said, “Yes, one at about 29%.” This set-off a series of reactions…I said, “What?!” his girlfriend shrieked and said some bad words, and someone else asked, “Is that even legal?” He said he didn’t think much of it since he had recently fell on some hard times, so he figured it was the only rate he could get. I let him know it was a pretty high rate for anyone, so I asked if he would be interested in seeing if we could get him a better rate and he said, "I would love to do that!” We finished the application, and he was approved for both the personal loan to consolidate and the auto refinancewe lowered his auto rate from 30.69% to 8.24%, and he is saving $73 a month on that payment. With our lower rate he will only pay $514 in interest for the term of the new loan, saving him $1600 in interest compared to his original loan. With all of that, he was also approved for a Visa Gold Credit Card to help build his credit and he is happy to have a fresh start with Qualstar!