GREENSBORO, N.C Summit FCU has introduced a promotion aimed at helping members transfer loans from high-cost predatory lenders to the credit union.
The credit union has developed a Loan Saver calculator on its website to help members determine how much they can save by transferring their loans. Loan Saver calculates the savings on each loan and keeps a running total of all loans entered.
Members who want to take advantage of the savings then can start an online loan application or request a “savings proposal” and have a loan rep get back to them, the credit union said.
The goal is to save members $1 million.
To promote the Challenge, all employees are wearing “Loan Saver $1 Million Challenge” ribbons attached to their name tags and are being given financial incentives. For each $100,000 in accumulated members’ savings, $100 in merchandise or gift cards will be awarded to one referring employee.
