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. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. 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. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
Credit Union Location in New Providence, New Jersey
New Providence, New Jersey have 1 agent Credit Union location in your country. All country.
Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
| Agent | Contacts |
|---|---|
| Advanced Financial Federal Credit Union, New Providence |
785 Central Ave New Providence, NJ 07974
Phone: (908) 771-0300 Routing number: 16785 Charter number: 221276817 |
To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. 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). Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. To reduce the risk of default on loans members of the credit union shall the joint guarantee. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). 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.
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