ONTARIO, Calif. Lending in one of the states hit hardest by the recession is on the rebound.
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The California CU League released data showing loans at credit unions in the Golden State were up 1.3% in Q2, the fastest second quarter loan balance increase since 2007. That number was driven by automobile financing, with a 7.8% increase in new vehicle loans and a 6.3% increase in used car loans. Unsecured personal loans were up 1.8%, the league said.
The CCUL noted a decline in the state’s unemployment rate to 8.5% has been critical to the improved numbers. Home prices also were up 5% at the end of Q1 and 17% for the year ending Q2.
