First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. 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. 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 uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. 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. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates.