United Teletech Financial has reached its $1 million goal in its Million Dollar Community Challenge, two weeks before the Sept. 29 deadline.
The $306 million, Tinton Fall,N.J-based credit union challenged its members to save a million dollars in interest expense by exchanging their higher interest financial products for lower interest loans at UTF.
Last year's Million Dollar Community Challenge saved members more than $1.83 million, the 21,900-member credit union said.
UTF offered members the TimeShifter mortgage loan and the Cut The Card personal loan.
The TimeShifter mortgage can reduce mortgage terms, potentially saving the consumer thousands in interest expense. The Cut The Card loan helps individuals consolidate personal or credit card debt at a lower interest rate than many credit card companies offer. Its fixed rate payment plan lowers interest while increasing cash flow.
What's more, a percentage of what each individual saves in interest expense from the loans will be donated by UTF to participating charities such as Big Brothers Big Sisters of Monmouth & Middlesex Counties, Clean Ocean Action, Food Bank of Monmouth & Ocean Counties and The Salvation Army-Red Bank Corps.
The public can also vote for a People's Choice winner online at JerseySaves.org. The charity that receives the most votes for People's Choice will receive an additional $500 donation from UTF.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
