I have worked with this member several times over the years, including getting her into an Advantage Equity loan to consolidate debt and give her some money for improvements to her Condo. She called me a few months back, upset because she received a big assessment on her Condo and she was struggling to pay it. She also told me a contractor had bought a bunch of cupboards for her kitchen remodel and then just disappeared, ripping her off in the process. At 70+ years of age she was feeling like she would have to move into a senior apartment complex much sooner than she wanted. I didn’t want that to happen, so I suggested an Option Equity HELOC to provide a way to pay the assessment, finish her kitchen project, and consolidate some additional debt – all with just one payment. And, over the first 10 years of an Option Equity loan, all she would need to pay each month is the interest owing. She said she wanted some time to think about it, so I told her to let me know when she was ready.
Member Saving Stories
I reached out to a member who was pre-approved for an auto loan, and I noticed we had tried to refinance his auto loan last year. So, before I called, I went into the previous application to find out why the refinance did not go through. After having all of the details, I felt confident we could help him this time around and I called him. He didn’t answer, so I left a detailed message and he called me back right away! We had a great conversation about what Qualstar could potentially offer him, and I let him know I would do my best to help him – he liked that a lot.
The other morning I was replying to secure messages received via Online Services, and saw a request from members who were wanting a payoff amount for their auto loan. I knew the payoff was for one of two reasons: either they were getting ready to trade it in, or they were looking to refinance it elsewhere. After providing them with the payoff, I took the opportunity to offer doing an auto loan pre-approval with us if they were indeed looking to trade in their current vehicle. During this process, I discovered they recently had their credit pulled with us to do an equity loan, so I made sure they also knew about our VISA credit card options and our balance transfer 1% rebate. They said they were interested in moving forward with the auto pre-approval, so we took the conversation offline and I gave them a call.
This member called in looking for a shared branch on the other side of the mountains, as he was in need of cash and didn’t have his debit card with him. He’s a trucker and wasn’t anywhere close to a Qualstar branch, so I looked at his account and saw he had our Visa +Rewards credit card. I asked if he had the card with him, and luckily he said yes!
I received an email from this member, asking me to contact her about an auto loan. I was happy she remembered I helped her back in 2017 and 2018, and I replied to thank her for thinking of me and let her know I am now in Federal Way. After we connected and got her pre-approved for a new car, I asked what’s new since so much time had passed since we last worked together. She mentioned she recently purchased a home and has a new job, and since we had just submitted an application for her auto loan, I asked if she had ever considered a home equity loan for debt consolidation and I made sure she knew there are no closing costs.
While running a Personal Line of Credit application for this member, I noticed he had additional loans and credit cards and thought we might be able to turn around his whole financial life! I called to let him know we could potentially refinance his auto at a better rate and also use the equity to consolidate his other outstanding balances. I shared the numbers with him, and he said it sounded like a great deal but he needed a few days to think on it. His debt was related to a recent divorce, so I knew I wanted to make sure we could get him into a better financial situation – he promised to call me back soon.
A member came in to our Renton branch with questions about how his new union account works. After explaining we are a full-service financial institution (not just a place for his vacation funds), I got him enrolled for Online Services and showed him how to use it to check balances, make transfers, deposit checks and more. I also ordered him a Visa Debit Card so he has easy access to his money.
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.
I was helping this member with a transaction, and while having a great conversation I asked if he had any loans we can help him with lower payments. He said he did want to see if we can get him a personal loan, “to consolidate debt.” I let him know we could definitely get started right away if he had time, and fortunately he did.
I was helping this member with his RV application, and I told him we could refinance his auto loan at another credit union for a lower rate. He was definitely interested, so he gave me some information about his vehicle and said, “Show me numbers before I decide.” I ran some projections and was able to get his interest rate lowered from 5.79% to 2.99%. When I emailed him the numbers, he said he will pass since the payment didn’t change very much. I replied to remind him he also qualified for a 90 Day No Payment and his next reply was, “Call me!” When we spoke, he let me know he is trying to pay off another auto and if we do 90 Day No Payment on his refinanced loan, he will be able to pay that off before he starts paying us. I said, "I can make that happen!” and we even added our lower-cost GAP to the loan!
In addition to the auto refinance, we discussed consolidating some of his other high rate debts, specifically a personal loan. He was hesitant to get another loan because he was wanting to pay off the other credit union auto loan first. I explained how we could do one personal loan at a lower rate in order to combine BOTH of the other loans he wanted to pay off. We went over some more projections and he agreed it was a good idea, so we submitted the application to cover both loans and he was approved! His previous monthly payment for both loans was $945.00, and his new Qualstar loan payment is only $445.00 – a huge savings $500 a month! By combining his loans at a lower rate and extended term, he now has one lower payment instead of two and the convenience of having all his debt in one place!