RACINE, Wis.—Educators Credit Union is reporting it was able to help 4,700 members save more than $35 million in interest on loans with its “Lending a Hand” program during 2017.
According to the credit union, Lending a Hand encourages members to visit Educators Credit Union to see where they can save on interest for non-Educators loans. Educators employees pull a members’ credit report and then review outstanding loans to see if the member could get a better rate by refinancing.
Members can also earn $25 for themselves and a friend if they refer someone else to refinance.
“Educators is always looking for ways we can help make our members’ lives easier,” said Educators’ CEO Linda Hoover. “Through Lending a Hand, we can relieve some of their stress by saving them hundreds, thousands or even more than a hundred thousand dollars on their current non-Educators loans.”
In 2016 and 2017 combined, Educators Credit Union reported it has saved more than $70 million for members with Lending a Hand. This year, ECU said it is hoping to save members $40 million.