GREENSBORO, N.C.— Summit Credit Union here is reporting that it’s saving members $2,141,951 by refinancing high-interest-rate loans through its Loan Saver program.
The credit union launched its Loan Saver in 2015 with a goal of saving members $1 million, and once that was accomplished, upped the ante to $2 million last year, the credit union said.
“Our goal was to help members reduce the interest rates on their loans and show them that they do not have to pay exorbitant interest rates to predatory lenders,” said Summit CU President and CEO Sam Whitehurst in a statement. “It was very exciting to see the impact this program has had on our members’ lives.”
Located on the credit union’s website, the Loan Saver calculator helps members see how much they can save by transferring their loans. Members start by entering loan information like balance, rate, and remaining term. Loan Saver then calculates their savings on each loan and keeps a running total of all loans entered.
According to the $180-million Summit, 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.