Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. 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. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate 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.
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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. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions.
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Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Like any financial institution, credit unions have the financial resources. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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. 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. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries.