Member Saving Stories

Saving money and building credit – Gerry helps this member with BOTH!

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While assisting this member with his auto refinance, we were having a great conversation about how we appreciated his business and that we do what we can to save our members money whenever possible. After processing his loan application, I asked about other ways we could assist him. Come to find out, he had a personal loan that is not only using his truck for collateral but also charging him 25% – OUCH! I said “No no no, we have to do something about that,” to which he replied “If you could, that would be great!” We also spoke about building positive credit and I discovered he had only one credit card with a small limit. I asked, “Why not apply for our Visa credit card?" It would be simple and fast, and would give him another way to create positive credit history. He said, “Absolutely, let’s do it!”

In the end, we saved him $40 a month on the truck payment, shortened his term from 60-months to 48-months so it’ll be paid off sooner, and cut his rate down from 25% to 8.49% which will save him $4,917 over the life of the loan…plus he got our Visa Gold to help boost his credit history.