Water Cooler Talk

Nearly 40% of Credit Unions Say No to Installment Loans

Credit unions face competition from fintech companies offering installment payment plans, and while some credit unions plan to offer these options, many do not, which could impact their ability to attract and retain members.

Jenn Day
Jan 5, 2024

Read the original full report from PYMNTS here.

Here is a brief summary of the article:

  • Consumers are increasingly shopping around for the best deals on credit products, and they are willing to switch financial institutions to get them.
  • Rates and terms are the most important factors for consumers when choosing a financial institution for credit products.
  • Credit unions are not always meeting the needs of their members when it comes to offering a wide range of credit products, such as installment loans.
  • CUs should invest in payment innovation and technology to provide a wider range of credit products directly to their members.
  • More than half of CUs are planning to offer credit-builder loans within the next year.
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