A Patelco Credit Union member came in to inquire about a home equity loan as he was planning on renovating his summer home. Originally, he requested $75,000 to cover the renovation expenses, however, during our assessment we uncovered the member has debt at quite high interest rates outside of Patelco. Our team brought up the option of consolidating his debt into the home equity loan.
In the end, the member applied for a $150,000 home equity loan, which allowed him to cover his renovation expenses and consolidate debt with other loan rates ranging from 12% to 22%. This consolidation saved the member approximately $22,000 in interest. The member was so appreciative of our teams’ efforts that he sent two new members to Patelco to also take out home equity loans to help stabilize their finances and build their financial health.
This story was submitted by Jennifer Mink, Director of Member Experience & Financial Wellbeing, Patelco Credit Union.
