Loans issued by Georgia's credit unions totaled $4.0 billion in 2008, nearly identical to the $4.1 billion distributed in 2007, according to a new report from the Georgia Credit Union Affiliates.
Credit unions approved more than 360,000 loans to Georgians in 2008, compared to
348,000 in 2007, the Georgia Credit Union Benefits Index noted. While the number of loans increased in 2008, the average loan amount was slightly less in 2008 than in 2007–$11,029 compared to $11,874.
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According to the index, members saved more than $150 million last year because of lower interest rates, fees and higher savings dividend benefits. Georgia's credit unions beat banks in the 48-month car loan category with rates at 5.97% compared to 8.05% for banks. Five-year car loan rates were 5.79% and 7.38% at banks. Credit unions also had better rates on individual retirement accounts at 3.09% compared to 2.33% at banks.
The index is the first of an ongoing report to be updated on a semiannual basis, serving
as a barometer to help Georgia consumers make more informed personal financial decisions in an unprecedented economic environment, the GCUA said. It uses data compiled from more than 170 Georgia credit unions and banking institution statistics from Datatrac, a rate survey firm.
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