Unlock growth by leveraging these 4 loans

Credit unions often provide a diverse range of loans to cater to the unique needs of their members. However, by strategically utilizing specific loan types, credit unions can experience accelerated growth.

Therefore, if you want to continue to grow your credit union and expand in terms of critical metrics like return on assets, there are a few loan types in particular to leverage.

Indirect auto loans

In order to grow, your credit union should be trying to not only generate more loans but have more loans per member and higher loan-to-share and loan-to-asset ratios as well. Auto lending is one way to do it.

Indirect auto loans are high-payoff lending products that help drive earnings for credit unions. Their demand is also generally linked to favorable economic conditions. When the economy is doing well, more people are willing to buy a new car–hence an uptick in indirect auto loans.

 

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