Despite an economy that has prompted many lenders to pull back, lending is accessible and strong at Maine’s credit unions. While institutions across the country were tightening lending availability, Maine’s Credit Unions continued to lend money and were sources of credit to thousands of Maine consumers – outstanding loans to members exceeded $3.88 billion in 2013.
Maine credit unions go beyond lending basics to provide smaller loans to help with unexpected life events or emergencies, or just to help a member though a rough patch. Credit unions are known for providing members with smaller loans to help them get back on their feet.
More than the ability to get a loan at a trusted financial institution, choosing a Maine credit union for your loan is a decision that will usually save you money. The most recent study on the “The Economic Impact on the Maine Economy and the Financial Benefits to Maine Consumers of the State’s Credit Unions,” found that consumers provided a breakdown that detailed the financial benefits of credit union membership in Maine saved $21.4 million from lower rates on loans.
“Maine credit unions continue to experience consistent growth, which has a positive economic impact on the lives of members and communities. We are also extremely pleased to see that more consumers continue to turn to credit unions for financial services through new relationships or expanding existing relationships,” stated League President John Murphy.
No matter what you need, Maine credit unions are here to help. Visit www.mainecreditunions.org to find a credit union and begin the lending process today.