Things to know about Credit Unions
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. The three main aims of a Credit Union are:
- To encourage its members to save regularly.
- To provide loans to members at fair and reasonable rates of interest.
- To provide members with help and support on managing their financial affairs (if required).
They provide a convenient way to save and borrow money as they provide low cost loans to members. Credit unions 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. A credit union can help to revive the local economy by keeping money in the community. Loans to members can mean income for local shops and businesses.
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