Credit union loan growth is staying strong in 2018, increasing at a faster rate than last year. This is welcome news for credit unions, as lending likely is a vital component of their service offerings and overall growth strategy. With advances in technology, the lending space is constantly evolving to become faster and more efficient – as a byproduct, it’s also becoming more competitive.
Looking ahead to the second half of the year and beyond, here’s what credit unions can expect in the lending space.
2018: A Year of Expansion
Because of the solid economy, loan growth is predicted to remain strong throughout the year. Auto lending and mortgage lending are both steady thanks to low interest rates. The Fed is likely to continue raising interest rates this year, but the competitive rates that credit unions provide will mitigate any potential decrease in overall demand for lending.
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