NEWPORT NEWS, Va.–BayPort Credit Union has introduced to its members Get My Rate, which it described as a new loan technology that “enables local consumers to learn their potential loan rate pre-qualification for auto, credit card, or personal loans without affecting their credit score.”
The $2.2-billion BayPort CU said it is the first financial institution to use the newly implemented pre-qualification tool powered by its credit score provider, SavvyMoney. Individuals can apply online for Get My Rate without affecting their credit score and can receive access to BayPort's Credit Score program benefits for 120 days, the credit union said.
Need for ‘Support’
In a rising loan-rate environment, BayPort CU said it recognized the need for enhanced financial support and education for local communities.
According to BayPort CU, Get My Rate “empowers consumers to research rates and find a local choice for loans and credit, which means they can access better rates and smarter financing options. For example, the average annual percentage rate for a three-year unsecured personal loan at a credit union was 9.66% as of the fourth quarter of 2022, according to the National Credit Union Administration. By contrast, the average annual percentage rate for a three-year personal loan at a bank was 10.40%. Consumers who are better educated on local financing options can find better rates and more personalized service for their financial needs.”
What the Data Show
BayPort reported that 50% of its Credit Score users improved their credit score in just 12 months, which it said has furthered its commitment to developing long-term prosperity for local communities and advancing its members' financial well-being.
The credit union has approximately 148,000 members.
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