Money transfer agent locations

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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. 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 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. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union.


Credit Union Location in Mississippi

The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars


Select your city for


On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. 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. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.