Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. 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. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others.
Credit Union Location in New Jersey
Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. 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.
Select your city for
Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. 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. 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. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative.