Cardholders seek personalized experiences.

Personal loans are on the rise. This may sound surprising, even as interest rates have jumped to as high as 7.8% for 30-year fixed-rate mortgages. Yet, borrowing continues to appeal to consumers: More than 22 million Americans have at least one personal loan – an 8.1% increase from the previous year, according to LendingTree. We can only assume this number will continue to rise as consumers look to consolidate debt, remodel their home, or cover sudden expenses through loans with more competitive interest rates than credit cards or credit card cash advances.

In their quest for the most attractive rate, consumers also are seeking lenders that provide personalized and more convenient experiences. With so many loan options available, it’s important that credit unions keep their eye on the latest digital trends, so they can optimize their lending process and close the borrower first.

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