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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. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. 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. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. The main advantage of credit unions consists in transparency, controllability, governance for shareholders.


Credit Union Location in Virginia

Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. 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. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services.


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First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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. Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Corporate alliances are intermediaries between credit unions and financial markets. Credit union as a consumer cooperative operates on the principles of equality of all its members.