The demand for term loans, lines of credit and vehicle loans has helped Michigan State University Federal Credit Union grow its consumer loan portfolio by 10.23% over the past year.
The $2.4 billion credit union in East Lansing, Mich., said as of May 31, its consumer loan portfolio amassed $1.41 billion in loans, which was a 10.23% increase over growth on May 31, 2012.
The largest growth in consumer loans took place in MSUFCU term loans and lines of credit, which includes vehicle loans, with a 13.78% increase over the previous year, the credit union said. Mortgage loans also experienced a substantial increase, with 13.07% growth over the same period.
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