COS COB, Conn. – Members Credit Union here is reporting it was able to save its members more than $3 million during 2022 through refinancings out of high-interest rate loans at other lenders into its home, auto, credit cards via transfers and signature loans.
With refinanced mortgages, the $42.5-million Members CU said it was able to cut as much as 50% in interest, including saving up to 10 years in the length of their members’ mortgages. For those who refinanced their cars, the credit union reported lowering interest rates by as much as 12 percentage points.
“We believe that Fairfield County residents deserve to be treated fairly when financing their necessities of life, including their homes and vehicles; but unfortunately, that’s not always the case.” said CEO Kathy L. Chartier. “Many, especially immigrants, minorities and those with low and moderate income, often pay higher finance rates. The $3 million that we saved them will help them meet household expenses and save for their future, improving their financial wellness and quality of life.”
Vanessa M. Kuduk, vice president of lending and Hispanic outreach, said the credit union is “just as committed to helping consumers lower their payments, improve their credit scores, get financially educated and have access to anti-predatory financial products and services in 2023.”
Treated With ‘Respect & Fairness’
Members Credit Union holds a Junto Avanzamos designation for serving and empowering Hispanic and immigrant consumers, accepts alternative forms of ID and said it “treats all members with respect and fairness, regardless of immigration status.”
“We get stories all the time of how grateful they are because we gave them an opportunity when no one else was willing, how we made them feel included, how we made it possible for them to build a path to get into their dream home, and how we made significant room within their family budget by lowering their auto or home loan payment,” she said. “The difference we make can really change people’s lives and we genuinely do it”.
Members Credit Union has approximately 3,500 members.
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