Personal loans have exploded in popularity in recent years. Discover the trends giving rise to this lending space and how credit unions can grow their share of the market.
Personal loans represent about 1% of outstanding consumer debt (compared with 6% for credit card debt) which means there’s tremendous opportunity for traditional financial institutions to participate in the growing personal lending space.
Credit unions are well-positioned to serve the growing consumer demand for personal loans because they have the ability, processes, name recognition and member loyalty to do so.
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