CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Millennials lead loan demand
Lending

Millennials lead loan demand

‘If you build it, they will borrow,’ report says.

July 20, 2021
Ron Jooss
No Comments
2021_07_Millennials_loan-demand_119688

Lending isn’t just about making the right offer at the right time. It’s also about making the offer to the right person.

Currently, the right consumers appear to be millennials, who report the highest need for loans among all demographic groups at 71%, up 30% from two years ago, and more than 50% from five years ago, according to the Raddon Research Insights study “If You Build It, They Will Borrow.”

Gen Xers and baby boomers reported more than double anticipation of their loan needs this year compared to 2018. Overall, 46% of consumers report needing a loan, according to Raddon.

Click to enlarge.

These numbers reflect how demographics play a huge role in lending demand, driven by desire or need, Raddon reports.

As interest rates dropped, younger millennials began purchasing their first homes while older millennials either refinanced or moved to larger homes to accommodate growing families and home offices. 

Raddon recommends that lenders consider these questions to ensure they are making timely offers to the right loan candidates:

  • Who is in the market?
  • What do they want?
  • Do they meet our criteria?
  • Where are they applying?
  • How fast can we get our offer out?

The next step is to monitor your member base to identify which qualified borrowers are taking advantage of today’s competitive rates.

In using your credit union’s specific credit criteria to qualify borrowers, you don’t have to sort through leads to find consumers with the need and the creditworthiness to match your offer.

KEYWORDS mortgage lending

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • House passes CUNA-backed fair hiring bill

  • House committee to mark up field of membership modernization bill

  • Final flood Q&As reflect CUNA-sought clarifications

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us