Unsecured personal loans lead 0.2% increase in CU loans in March

Credit union loans outstanding increased 0.2% in March, compared to a 0.2% decrease in February of 2021 and a 0.3% increase in March of 2020, according to CUNA’s latest Monthly Credit Union Estimates.

Unsecured personal loans led loan growth during the month, rising 2.6%, followed by used auto loans (0.7%), and fixed-rate mortgages (0.6%). On the decline during the month were adjustable-rate mortgages (-1.3%), home equity loans (-1.7%), other mortgage loans (-2.0%), credit card loans (-2.5%), and new auto loans (-3.2%).

Credit union savings balances increased 4.4% in March, compared to a 1.8% increase in February of 2021 and a 0.9% increase in March of 2020. Share drafts led savings growth during the month, rising 7.1%, followed by regular share (6.9%), money market accounts (2.8%), and individual retirement accounts (1.0%).

 

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