A loan modification is a great solution for many hard-working consumers who find themselves in need of additional cash at a particular time. Unexpected life events, upcoming tuition, student loan payments or medical bills are all financial burdens that can be eased by having greater monthly cash flow.
Consumers might be reluctant at first to refinance their loans, as the time and stress typically associated with traditional loan refinancing can be significant. However, many are now finding this solution to be not only logical, but much simpler than it was in the past.
As part of this trend, some credit unions are looking at how to include the auto loan modification process in self-service environments. Doing so would better support members’ financial needs – in good times and in challenging ones – and, in turn, build the loyalty every institution seeks in today’s competitive environment.
Consumers like to be in control of their financial decision-making. In addition to control, they want convenience at every turn. But adjusting loan terms has never been considered an easy or convenient process.continue reading »