Members and nonmembers of Belvoir FCU can now find out what the savings on their current loans would be if they refinanced through the cooperative.
The $274 million CU in Woodbridge, Va. has launched the Loan Saver, an interactive, online process which provides persons the ability to insert their current loan balance, interest rate and term into a platform and then outputs how much the user could potentially save if they refinance their loan with Belvoir.
In the first month of Loan Saver’s launch, active users experienced a savings of $31,029, according to the CU. The total savings derived from members’ existing loan rates compared to the lowest rates Belvoir offered on auto loans, personal loans, credit cards or home equity lines of credit.
Belvoir said it financed over $70,000 and helped members save money on pre-existing loans. The CU also said it cross sold other lending products which enabled members to save more money through products with low interest rates.