The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. 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. 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. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. 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 Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. 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).
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. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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.