The Challenge Files - Lending

Accounts | Lending | Investing | Insurance

Help me out of debt!
A member came to us for a consolidation loan. She felt overwhelmed with the debt she had accumulated since her marriage breakup. With the equity built up in her home, she was approved for a Meritline at a great low rate. She was able to pay down all of her outstanding debt and now has peace of mind knowing everything is looked after with one convenient monthly payment.

Get me a new car without a big payment!
A member was looking to purchase a new car with low monthly payments and was willing to put $15,000 down. After crunching the numbers, we advised her to invest her $15,000 in a Term Deposit at 3.0% and get a car loan at PRIME over 5 years. She got her brand new car with low monthly payments, and at the end of loan term she'll have over $16,000 in her Term Deposit

Get me a better mortgage rate!
After being a customer at one of the big banks for over eight years, a member received a renewal notice for his mortgage at a rate of 5.5%. He had been receiving a better rate up to this point, so he called the bank to see if he could negotiate a lower rate. Unable to get in touch with anyone directly or get a call back, he called Starnews to see what we could offer. Not only were we able to beat the bank rate with an offer of 4.99% over five years, but the new member also received a year end loan interest rebate of $493.71 just for being a member. He decided to transfer his savings account to Starnews as well, and with the savings on his mortgage interest each year, he has more than tripled his savings contributions each month.

Help me retire faster!
A member was hoping to take an early retirement, but due to a unexpected family crisis he was carrying a heavy debt load on a number of high interest credit cards. We sat down together and reviewed his options and determined that with an Meritline Equity Line of Credit he could considerably reduce his monthly payments and pay down his debt faster. With a savings of over $5,880.00 each year in interest, our member is much closer to a happy retirement after all.

I'm paying too much in interest!
Overwhelmed with credit card debt, a member came into the branch to discuss strategies for getting her debt under control. With a number of credit cards on the go, all at rates of 18-20%, our member was paying so much in interest each month that her balance never seemed to be going down. She decided to take out a Starnews personal loan to help pay off her credit cards quickly. Now with one convenient monthly payment at a great low rate, she will have her loan paid off in half the time and is saving thousands of dollars in interest.

Tell us your lending challenge and weíll get back to you with a convenient and manageable solution that works for you.

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