The demand for term loans, lines of credit and vehicle loans has helped Michigan State University Federal Credit Union grow its consumer loan portfolio by 10.23% over the past year.
The $2.4 billion credit union in East Lansing, Mich., said as of May 31, its consumer loan portfolio amassed $1.41 billion in loans, which was a 10.23% increase over growth on May 31, 2012.
The largest growth in consumer loans took place in MSUFCU term loans and lines of credit, which includes vehicle loans, with a 13.78% increase over the previous year, the credit union said. Mortgage loans also experienced a substantial increase, with 13.07% growth over the same period.
“Be it a first home, a study abroad experience, or the consolidation of high-rate debt from another financial institution, our members’ trust in MSUFCU to provide them with resources to achieve their dreams continues to grow,” said Patrick McPharlin, president/CEO of MSUFCU.
The credit union said its consumer loan offerings include mortgage and home equity loans, vehicle loans including boats, motorcycles, RVs, and motorsport vehicles, and a variety of fixed-term loans, lines of credit, and Visa credit cards. MSUFCU said it also offers loans, lines of credit, and a Visa credit card option for its business accountholders.
Founded in 1937, MSUFCU serves more than 175,000 members.