This member submitted an personal loan application online to pay off a couple of high rate credit cards. I called him back because I had some follow up questions for him before submitting his app. and I noticed he had a considerable amount of debt in addition to those cards. I also saw he owned a home and had quite a bit of equity.
Knowing his situation, I asked if he had ever considered getting an equity loan to consolidate all of his debt into one loan at a much lower interest rate and payment. He sounded surprised to hear that was an option, and was concerned he may not be qualified. He did have good credit so I thought he was a perfect example of someone who would really benefit from an equity loan. I let him know there was enough equity in his home to apply for our Option Equity loan and consolidate all of his debt at a much lower rate and one payment. I educated him on how the line of credit works with interest only payments for the first 10 years and he said he absolutely wanted to apply. Shortly after that, he was approved for an equity line of credit and I could see he quickly started to pay off all of his other debt!