Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. The right to use the services of the credit union have only its members. 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.