MAPLE GROVE, Minn. — TopLine Federal Credit Union is challenging local consumers to get better rates on credit.
In the TopLine Lower My Rate! Challenge any consumer with a car loan, credit card, home equity or other loan can contact TopLine by phone or online and the credit union will determine whether they can provide a better loan with a lower rate and payment.
For every percent of interest TopLine saves consumers, they are donating $1 to Bridging, Inc., a Minnesota nonprofit whose mission is to help Minnesota families in transition with quality furniture and household items.
Ultimately the credit union hopes to educate consumers about the real costs of high rates, which result in paying too much in interest on borrowed money.
"All too often, consumers focus on what credit gets them, like the new car, rather than how much that credit will cost them," said Katie Pitman, vice president of core business strategies for TopLine FCU. "But the fact is, paying a higher interest rate than necessary can cost hundreds, if not thousands of dollars over time. Our promise is to help people get smart with their money, which means showing them how much their current credit is costing them and determining if we can help them save money by lowering the rate on their loans."
So far in just over three weeks, TopLine has saved its members over 800% in interest.
According to Pitman, the hope is that the challenge will also help empower more consumers to seek and demand the very best rate they qualify for regardless of where they do their banking.
"When people use credit to get the things they need and want, they need to explore all their options," said Pitman. "Everyone needs to know it's okay to walk away from a car dealer or credit card company, do your homework, and make sure you're getting the very best interest rate possible. Taking the time to be smart can save lots of money over time."
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