Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. 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. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. 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 also differ from the traditional consumer cooperatives. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative.
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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. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively.
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Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. 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. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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 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. To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. 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 union as a consumer cooperative operates on the principles of equality of all its members. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies.