Credit Unions & The Benefits It Can Give Nowadays, it is easy to believe that there is no other option since the standard means of having credit has become so common that being at the mercy of increasing interest rates and inflated charges on loans and credit cards has become so common. However, the credit union is a movement which serves as another alternative. A credit union is known to be a profit sharing and a financial co – operative run democratically by the member of the union itself. And by offering a more financially attractive alternative to the standard products offered by banks, the popularity of the credit union movement in the UK is increasing. The organization has three main goals that need to be achieved since maximizing profit is not their main concern.
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The first important aim of a credit union is to encourage and help its members to save money.
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Another aim of a credit union is to give support and financial assistance to its members in any way possible at the lowest rates of interest. Another goal of the credit union is that, the management of the financial affairs of the members should help and support them in times of need. Lastly, one of the most important goal of the credit union is to let everyone know that by being a member, you will surely gain a lot of benefits. The common bond is usually the secret to becoming a member of the credit union. The common bond determines if you reside in that specific area, thus, the common bond will determine whether you are qualified to become a member of the union or not, however, there are also possible factors that will make you as a member aside from residing in that area, you are also qualified if you are working as an employer in that specific area, or maybe if you are a member of a specific club or association. Thus, regardless of your employment status, age, income and credit rating, the credit union will still accept you as a member and will surely help you save money regularly. So whether you have a poor credit rating or not you can still become a member of a credit union and save as little or as much as you like. Using the sum of all members’ savings, the credit union is then able to provide low cost financial services to its members. All other necessary profits are used in order to provide the lowest interest rates for members’ loans whilst returning an attractive rate of interest for its savers, however, an enough amount of money must be secured first in order to ensure the stability of all the finance. You also have to keep in mind that as a member, the money that will be borrowed is entitled to you or else, no amount of money can be borrowed for your business.
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