Patelco Lowers Interest Rates for Members Who Pay Loans On Time
PLEASANTON, Calif., April 24, 2014 – Patelco Credit Union, one of California’s largest credit unions with more than $4 billion in assets, today launched its Timely Repayment Incentive Program (TRIP). The new program offers lower loan interest rates for qualifying members who consistently pay their monthly bill on time. The program is designed to reward financially responsible members who typically have lower credit scores and higher-interest loans.
“At Patelco, we understand there are often reasons why members don’t qualify for the lowest interest rate loans, therefore we wanted to create a program that would reward them for paying on time,” said Patelco SVP and Chief Credit Officer Kenn Darling. “Reducing interest rates for those members who dependably make their payments is another way we are delivering on our mission of bettering the financial lives of our members.”
Qualifying members with a vehicle or personal loan can have their loan’s annual percentage rate (APR) lowered if they make 12 consecutive monthly payments on time. Depending on the life of a loan, members can have their APR reduced up to a total of 1.50 percent over three years and potentially save hundreds of dollars.
TRIP marks Patelco’s latest initiative to serve its more than 277,000 members. Last year, the credit union returned $5 million to members through various programs. In March, Patelco ended fees associated with balance transfers and began offering a Thank You Certificate.
About Patelco Credit Union
Founded in 1936, Patelco Credit Union ranks among the largest credit unions in the nation and is the sixth largest in California with more than $4 billion in assets and 277,000 members. Throughout its 78-year history, Patelco has helped people and their communities prosper through volunteer initiatives and personalized service that focuses on transparency, simplicity in banking, and garnering trust. Patelco is a federally insured, not-for-profit, full-service credit union that offers the same types of products and services as large banks. For more information, visit patelco.org.