A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions. To reduce the risk of default on loans members of the credit union shall the joint guarantee. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. 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. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America.
In the UK, credit unions are a source of financing of people groups. This tool is not widely used. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. To reduce the risk of default on loans members of the credit union shall the joint guarantee.