Credit Union Location in Sterling Height, Michigan

Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. 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. Credit unions also differ from the traditional consumer cooperatives. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. 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. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate.

Credit Union Location in Sterling Height, Michigan

Sterling Height, Michigan have 3 agent Credit Union location in your country. All country.

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. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions.

Agent	Contacts
Slc Credit Union, Sterling Height	42700 Schoenherr Suite 6 Sterling Heights, MI 48313 Phone: (586) 247-3100 Routing number: 62030
Sterling Heights Community Federal Credit Union, Sterling Height	34236 Van Dyke Ave Sterling Heights, MI 48312 Phone: (586) 268-3720 Routing number: 07927
Sterling-Van Dyke Credit Union, Sterling Height	Sterling-Van Dyke Credit Union 39139 Mound Road Sterling Heights, MI 48310 Phone: (586) 264-1212 Routing number: 63342

Like any financial institution, credit unions have the financial resources. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders. 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.