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Michigan State University Federal Credit Union (MSUFCU) Increases Loan Growth by 16.64%
MSUFCU experiences consumer loan growth of 16.64% over the past year.
EAST LANSING, MI (September 12, 2014) — MSU Federal Credit Union strives to meet its members’ needs by providing low-cost, low monthly payment loans. Whether individuals are looking to buy their first cars or purchase their dream homes, the Credit Union is there to help make members’ dreams a reality. MSUFCU currently offers many different loans and has a consumer loan portfolio of $1.6 billion as of July 31, 2014, which is a 16.64% increase from July 31, 2013. The largest growth in loans was through consumer term loans and lines-of-credit loans with a 24.03% increase. MSUFCU’s first mortgage real estate loans were the second largest in loan growth, with a 17.02% increase over the previous year.
“It’s our mission at MSUFCU to assist members in achieving their goals and dreams. By understanding that our members have different financial needs, we work with them on an individual basis and try to find them the best resources and solutions. In 2013, we were able to save members more than $7.7 million in interest through the consolidation of higher-debt loans at other financial institutions; we look forward to continue saving members money in 2014,” said Patrick McPharlin, MSUFCU’s President and Chief Executive Officer.
MSUFCU offers a variety of loans for members such as mortgage and home equity loans, lines-of-credit, Visa credit cards, fixed-term loans, vehicle loans, and financing options for business account holders.
MSU Federal Credit Union, the world’s largest university-based credit union, offers a full range of personal- and business-related financial services to Michigan State University and Oakland University faculty, staff, students, alumni association members, and their families worldwide in addition to a variety of select employee groups. Founded in 1937 by a few MSU professors and employees, MSUFCU now has thirteen branches, over 184,000 members, more than $2.6 billion in assets, and over 600 employees. MSUFCU was named 2014 Federal Credit Union of the Year by the National Association of Federal Credit Unions (NAFCU).