This week we circulated to our members a short report that summarises survey and focus group data from two credit unions on their members’ experience with borrowing from their credit unions. It also includes mini-case studies on the initiatives and practices of five other credit unions who have been notably successful in getting loans out to members. All seven of the credit unions are CFCFE members, and we’re grateful for their assistance in producing this report.
The paper aims to inform lending strategies based on insights such as the contrast between members’ overall satisfaction with their credit union but their pronounced use of other loan providers, often without even checking the credit union option. Another message, regarding the prevalence of revolving credit as a source of borrowing, reinforced the findings of a previous CFCFE paper.
The report will be publicly available on our Research page for download later this year.