Today’s consumers are sophisticated money
managers and are looking for ways to manage their money
effectively. Many are seeking alternate products, which
provide them with choice, flexibility, convenience, and
lower loan rates.
The CUInclusive® package
was developed for consumers who have demonstrated responsibility
in handling their debt and who have significant equity in
their home (at least 25% of the current market value). This
package will appeal to people who want the flexibility and
convenience of increasing their purchasing power and maximizing
the use of deposit funds to decrease interest costs.
When members/customers choose this product, the credit
union will:
- Consolidate all debt, including existing mortgage into
a line of credit or quick loan.
- Apply unregistered savings to the loan to further reduce
debt. (Why earn interest at low rates when you can reduce
debt, which charges higher rates?)
- Use the house as security for the loan.
- Offer to set-up sub-loans for specific borrowing purposes
such as: investment loan, education loan, or vehicle loan.
- Create an “all-in-one” chequing, savings,
and borrowing account by attaching the line of credit/quick
loan to a chequing account. Funds can then be accessed
by cheque, debit card, payment card, ABM, or in-branch.
As deposits are made the loan is paid down, whereby reducing
the loan balance that interest accrues on. As money is withdrawn
and cheques are written, members draw on the loan.
Your member is required to make interest payments, but
decides when to make lump sum payments. Total savings on
the life of the loan can be significant.
The CUInclusive® package
will help you to promote competitive priced products and
services of your credit union.
* Eligibility determined by credit union.
