NEW ORLEANS–Credit unions across Louisiana provide citizens the best value for personal financial services according to latest economics and statistic reports, delivering an estimated $169 million in benefits among 1.3 million members in the state during 2021.
Details of the Louisiana Membership Benefits Report for year-end 2021 include credit unions’ lower average interest rates on new and used car loans, unsecured loans, and credit card balances, higher savings yields on deposit accounts, and lower fees than banks.
Among the not-for-profit cooperatives, a 60-month new auto car loan rate averaged 3.01% at a Louisiana credit union, compared to 5.03% at a bank. Those terms mean a borrower would save about $273 in interest annually when financing a $25,000 new vehicle through a credit union.
‘Ready to Move Forward’
"Consumers are ready to move forward, weighing opportunities to build for the future or reduce the cost of home and auto purchases. Our collaborative structure allows credit unions to help consumers with products and services that are driven by need rather than profit,” said Lacey Weaver, LCUL senior vice president. “Over the past two years, credit unions have fostered a new level of trust with members. As a result, credit unions have seen a membership growth of 3.8% in 2021.”
In addition to making an impact on the state economy, the impact report reaffirms credit unions' efforts to empower their members by helping them make wise financial decisions. Approximately 79% of Louisiana credit unions offer financial counseling with 700 certified counselors throughout the state.
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