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. Credit unions are steadily increasing throughout the UK in both communities and the work place (e.g. Police Force, British Airways, Fire Service).
The three main aims of a credit union are:
To encourage members to save regularly
To provide loans to members at 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 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 for 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 businesses and shops.
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