A Credit Union is a profit sharing, democratically run financial co-operative which offers convenient savings and low interest loans to its members. The members own and manage their credit union themselves. In most of the world, credit unions are well established.
Starting in Germany 150 years ago they spread throughout Europe, to North America, Canada, Asia and to Ireland. One third of the adults in Ireland are members of a credit union. Credit unions are steadily increasing through out the UK both in communities and the work place (eg Police Force, British Airways, Fire Service, local authority employees etc).
The three main aims of a Credit Union are:
- To encourage members to save regularly.
- To provide loans to members at very low rates of interest
- To provide members with help and support on managing their financial affairs (if required).
Benefits of a Credit Union
- It is an easy and convenient way to save and borrow.
- It offers very low cost loans.
- Insurance at no direct cost.
- It's a way to learn new skills.
The Credit Union can provide a focal point for a community by bringing people together, to work alongside each other for their own benefit and the benefit of the community as a whole..
It can help to revive the local economy by keeping money in the community. Loans to members can mean income for local shops or businesses.
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