Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Credit union services are available only to its shareholders. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee. A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions.
Credit Union Location in Westminister, California
Westminister, California have 1 agent Credit Union location in your country. All country.
Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. In the credit union compensation for use of the loan (interest) is a source of compensation for savings.
| Agent | Contacts |
|---|---|
| Lbs Financial Credit Union, Westminister |
5505 Garden Grove Blvd Westminster, CA 92683
Phone: (714) 893-5111 Routing number: 68460 |
To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Unlike banks credit unions limit their activities to a closed circle of people.
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