Lafayette Federal Credit Union received a #4 ranking among personal loan lenders in the J.D. Power 2022 U.S. Consumer Lending Satisfaction Study. J.D. Power, a global leader in consumer insights, advisory services and data/analytics, conducted the study that yielded responses provided by 5,269 personal loan customers nationwide from January through March 2022. Lafayette Federal scored an impressive ranking among several of the nation's largest financial institutions.
The U.S. Consumer Lending Satisfaction Study measures overall customer satisfaction based on performance in five factors: customer service of loan, loan met borrowing needs, experience obtaining loan, experience managing loan, and kept informed about loan. The study provides unparalleled industry-level insights on lending and consumer loan shopping across an array of products and customer experience.
"To be ranked alongside some of the biggest and well-regarded financial institutions in the industry is a tremendous achievement for our credit union," says B. John Farmakides, Lafayette Federal's President/CEO. "But the greater honor is to be recognized by our own members as a financial institution they can rely on and trust. As highlighted by J.D. Power, the personal loan marketplace has roared back to life after nearly grinding to a halt during the height of the pandemic. I am proud to say that we were able to effectively pivot in order to best serve our members' shifting needs by providing competitive loan products and top-notch service. At Lafayette Federal, we place the utmost importance on our members' feedback, and have made ongoing product and service enhancements based on their recommendations. The recognition is a tribute to the ongoing support of our members, without which this would not be possible."