Summit Credit Union is pleased to announce its Loan Saver $1 Million Challenge intended to help members save money by transferring loans from predatory lenders.
Located on the Credit Union’s website, the Loan Saver calculator helps members easily see how much they can save by transferring their loans. Members start by describing their credit rating by selecting Excellent, Good, or Not So Good. They then enter basic information about their current loan, including balance, interest rate, and remaining term. Loan Saver then calculates their savings on each loan and keeps a running total of all loans entered.
Members who want to take advantage of the savings may then start a loan application online or “request a savings proposal” and have a loan representative get in touch with them.
The money members save is purely interest on their old loans because Summit does not charge a loan application fee, credit report fee, or balance transfer fee.
To help promote the “Challenge,” employees are all wearing a Loan Saver $1 Million Challenge ribbon attached to their name tag and are incented to tell members about the Challenge. For each $100,000 in accumulated member savings, $100 in merchandise or gift cards will be awarded to one referring employee, and one closing employee, a Loan Saver loan.
The program was rolled out March 1 primarily through banners on the Credit Union’s web page and through its e-newsletter.