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.
A little over a week later, she came back in and we continued talking about the equity loan option – this time she agreed to get the application started. When we first talked about what she needed, we came up with $100,000 for an Advantage Equity Loan; it seemed like a good amount to get her debt under control. Well, we shot for the stars and she was approved for a FastTrack loan for over $150,000! When we looked at her overall situation, a FastTrack was the better fit and she agreed to the product change; and the higher amount was enough to pay off the majority of her debt.
We were able to pay off over $150,000 in debt with combined payments of a staggering $2,993, all at varying APRs. She ended up with a simple monthly payment of $1,270.00 at a rate of 5.125%, which is saving her nearly $21,000 per year! That is how Qualstar helps members – we give them a roadmap to get their finances under control, providing support and assistance along the way, and saving their hard-earned money in the end.