I recently spoke with this member on the phone about debt consolidation when I noticed she was making payments to other creditors. I asked if she had received the information we recently sent to homeowners about using Equity Loans to consolidate high rate debt, and she didn’t remember if she had received it. Therefore, I told her about our Equity Loan options and asked if she might be looking for a way to reduce her monthly payments, especially with the pandemic happening. She let me know she was interested in consolidating her loans, especially the ones with high interest rates, but she was not interested in an Equity Loan due to just recently refinancing her home loan. I told her we could also do a personal loan to consolidate her debt, as low as 6.99% for the interest rate. She was very interested and we did the application right then and there over the phone!
The amount she needed was more than we could do for an unsecured personal loan, so with my manager’s help we were able to also use equity from the car she owned free and clear. Once we got her approved for the entire amount she needed, we paid off all of her creditors so she now only has ONE monthly payment. She was very happy I reached out about consolidating her debt, and mentioned no other financial institution had ever contacted her about helping lower her monthly payments. Once everything was finalized I found out this new loan and lower payment will help a lot due to the fact that her son is now in college. Another happy member with a better financial situation and peace of mind during this stressful time, thanks to Qualstar’s help!