Loan growth for credit unions a positive step
Many credit unions are reporting an increased amount of loans. This is right in line with the latest national loan trending and shows a step toward even more economic growth. The Birmingham Business Journal said credit unions in Alabama saw a 3.7 percent increase, with lending reaching $7.6 billion during the quarter. With the increase in loans comes the need for credit unions to provide additional member services such as self-service coin machines.
Credit unions in Alabama also saw increased loan balances, higher first real estate mortgage loans, more used vehicle loans and increased unsecured credit card loans.
The St. Louis Biz Talk financial news source also said that the last four quarters have seen the most growth since 2009. Credit unions loans increased 2.3 percent in the second quarter and 5.5 percent over the last four quarters. While lenders in St. Louis reported slow loan growth, credit unions are making a higher percentage on mortgages and car loans. The American public is investing more since the economic recession hit and credit unions are helping make bigger purchases happen.
Helping members of a financial institution better plan their future requires investing in the correct technology, such as self-service coin counting machines, so they can collect, count and protect their money for when it comes time to make larger investments.