What happens after the deferment period? This question has been a very big unknown to many credit unions who have offered loan deferments. In three to six months, members will have to start making loan payments again, and many of those people will still be in financial trouble. What is the solution?
Rate Reset has been offering patented Reset Solutions for over 10 years to credit unions all around the country. Our patented Reset solutions completely remove all friction from a typical loan refinance. The members that qualify for the offer can extend the term to lower their monthly payment, and the interest rate on the loan either stays the same or goes up. A member who is still struggling financially will have the choice to lower their monthly loan payment, and the credit union acquires additional yield and the continuation of loan payments. This strategy will help ease members back into their financial requirements without a huge financial shock.
Rate Reset is the resident expert when it comes to frictionless retention of existing loans. We have over ten years of data to back up how successful this solution can be for your credit union. Here are just a few survey remarks from members who received and accepted a Reset Auto offer.
“You are right on time to assist during the COVID-19 pandemic. You do not need any improvement, you are improving us as customers."
“In this time of uncertainty, it is a wonderful blessing.”
“Thank you for offering it during the pandemic. This gives me added financial security.”
These are a true testament to how credit unions can make a difference in the lives of their members when using Rate Reset solutions.