When this member walked in, my co-workers were helping other members so I told him I could help at the desk if his transaction did not involve cash. He had a check to deposit, so I invited him to sit. As I was processing the transaction, I noticed his Visa Gold was pretty close to its limit and wondered if an equity loan at a lower rate might work better for him. I asked if he had a mortgage, and after he told me his balance and current rate I explained we have two equity loans with no fees and no closing costs. He told me about his remodeling plans, but wasn’t sure what kind of equity he had in the house. I checked our resources to determine home value, and he was surprised his home may be worth that much. He wasn’t ready to move forward just yet, but asked me to follow up after the first of the year and that’s exactly what I did. I sent a letter describing both of our equity loans and the advantages each has to offer. A few weeks later I left a call back message and not long after that he came into the branch and asked for me—he said he was ready to move forward with an Option Equity Loan.
Upon further review of the loan application I saw a personal loan at another bank and ran it through my interest rate calculator — the rate on that loan was about 25% so I included it on his application and got him approved for a BETTER personal loan with us at 11.99%. When I called and told him about the rate on his personal loan he was shocked; he had no idea it was that high. He was very happy when I told him we approved the same loan at almost half the rate he was paying. We lowered the payment on the personal loan from $381 to $264.45 and Qualstar will save him $5,975.40 in interest on the remaining term. But we weren’t done saving this member’s money—I also noticed he was now qualified for a lower interest rate on his Qualstar Visa Credit Card so I added that application and we brought down his rate to 12.99%. On top of that we raised his credit limit by an additional $5000. After I called and told him the great news about his savings, he decided to take advantage of our Visa balance transfer CASH rebate and brought over another card balance, eliminating a $233 monthly payment. We were also able to pay off his balance on another high interest rate credit card. Lower rates and payments to help our members keep more of their money…that’s what we’re here for!