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It is quite easy to believe right now that there are no other choices because the standard means of having credit has become so basic that being at the mercy of increasing interest rates and inflated charges on loans and credit cards has become so basic too. However, the credit union is a movement which serves as another alternative.
A credit union is being run by its members which serves as a profit sharing and financial co – operative. Statistics also shows that the popularity of the credit union movement in the UK is continuously increasing since the union itself offers a more financially attractive alternative to the standard products offered by the banks.
As maximizing profits is not the key goal for a credit union, such an organization has three main aims.
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The first goal of a credit union is to help its members save money.
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The next goal of the credit union is to probably ensure the financial needs of its members and assist them with their finance in times of need in any way possible at the lowest interest rates.
To render help and support to its members in the management of their financial affairs is another goal of the credit union.
To enable you to take advantage of the kind of services that a credit union offers, all you have to do is become a member.
The secret to becoming a union member is to have a ‘common bond’. 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.
The overall sum of the members’ saving can also be helpful since this can help 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.
In order for you or your business to borrow a money, you have to see to it that you are a member of the credit union and that, the money must be entitled to you.