Telling this story made me realize how much we can change a member’s life simply by taking a few moments to ask some questions and see what we can do to help. This member originally called to apply for a higher amount on his personal loan because he needed funds to pay a bill. I submitted the application and it was approved – while I was reviewing his overall financial situation I noticed a loan with a lender that I knew would have a high interest rate. I did some calculations, and it turned out they were paying 25% with a $443 monthly payment on a secured loan!
When I called him with the approval on the personal loan, I asked a few questions about that other high rate loan. It turned out the loan actually had two (2) collaterals, a truck and a motorcycle, and he said he sometimes struggles to make the payment because it is so high. When I mentioned we could refinance the loan with just one vehicle as collateral, his tone changed to happy and excited. He asked me to submit the application right away because he didn’t want to have those high payments any longer. He was approved for an auto loan refinance at 8.74%.
When I called the member back to let him know the good news about a lower estimated monthly payment of $277 (saving $166 a month), he was speechless at first. He then thanked me for helping him accomplish a lifelong dream, to own a Harley-Davidson out-right. He also said how thankful he was that I wanted to help and Qualstar is always there for him when needed. He told me, “Jane you have no idea what you have done for me, no words can explain how much this changes my financial life.” It brought tears to my eyes, helping this member made me appreciate what I do every day – and just seeing how happy he was, I knew that I did it the Qualstar way.