This member called in looking to make sure he had overdraft protection on his account. While looking into what type of Courtesy Pay he currently had, I asked why he was looking into this. He said because of COVID, he was getting a limited amount of hours with his union and money had been tight the last couple months. I let him know if he felt like he needed something to fall back on, we offer personal lines of credit as well as personal loans so he doesn’t have to worry about overdraft fees.
After we updated his overdraft protection, he said he was looking to do something to consolidate his debt. His credit is great and has never missed a payment on his cards, but the interest rates are drowning him and he is finding it difficult to lower those balances. Since I wanted to help him be in a better financial situation I let him know, as a homeowner, he can use the equity to pay off all his cards. That would be the best option for a lower payment and interest rate, and to bring all his debt into one loan. He was very interested, so we submitted the application and lending approved him for an Option Equity loan at a much lower interest rate. I was absolutely thrilled I was able to start our call by setting up his overdraft protection and ended up helping him a get loan to save a lot of money with a much lower interest rate!