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Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. 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 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).


Credit Union Location in New Mexico

In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens.


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Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. 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. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Important specifics of creating a credit union - an initiative order of organization: people do not receive any instructions, orders or regulations, the unification into a credit union occurs by their will and decision.