Typically, donor contributions to the credit unions are targeted and used in the same statutory requirements and restrictions as the Mutual Financial Aid fund as a whole. 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. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. 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. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth.
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In the UK, credit unions are a source of financing of people groups. This tool is not widely used. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. 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.
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The right to use the services of the credit union have only its members. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law.