A Wisconsin credit union has set a goal to help 5,500 members save $25 million by year's end by refinancing outside loans.
Last year more than 1,900 Educators Credit Union members saved $35.9 million, or about $19,000 each, in the first year of its Lending a Hand program. Most of the refinanced loans were for cars or credit cards.
This year it hopes to reach more than twice as many members, saving them an average of about $4,500 each. The savings-per-member target is smaller than 2016 because of many of the best one-time gains were realized by members last year, said Bradly Ford, a spokesman for Racine, Wis.-based Educators ($1.7 billion in assets, 146,050 members).
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