Credit unions are becoming an increasingly popular financial option for Californians according to a report released this week. Data from the California Credit Union league shows that the state’s 365 California-based credit unions saw a 3.4 percent increase in membership during the year.
That equates to 327,038 new members that added to organizations that lent about $80.6 billion in the form of first mortgages, home equity lines of credit, business loans, auto loans and credit cards.
The biggest draw for credit unions is that credit unions typically offer higher savings rates and lower loan rates when compared with traditional banks.
Credit unions have also become popular as car lenders. They have a direct lending organization that enables auto dealerships to access pre-approvals, get instant decisions on loans and receive quicker funding.
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