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Credit Unions & The Benefits It Can Give The standard means of obtaining credit has become so widespread that being at the mercy of increasing interest rates and inflated charges on loans and credit cards has become so commonplace that it is easy to believe there is no other option. But there may be an alternative in the form of the little known credit union movement. A credit union is being run by its members which serves as a profit sharing and financial co – operative. The credit union surely ha some alternatives which are not found in the bank that makes the client more interested, thus, statistics shows that the fame of credit union movement in UK has increased. 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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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 key to becoming a member of a credit union is what is known as the ‘common bond’. The common bond will determine a lot of factors which includes determining if you are residing in that specific area, if that so, then you are qualified to become a member of the credit union, however, you can also be qualified if you are an employer in that specific area or maybe, you are a member in a certain association or club in that area. Thus, the credit union will surely help you save money regularly regardless of your income, employment status, age and most importantly credit rating, as long as you are a legitimate member and as long as you abide the rules of the credit union. Thus, whether you are rich or poor, you can still become a member of the credit union and save a money regularly for your future plans. The credit union can surely provide low cost financial services to its members with the use of the sum of all members’ savings. Although each credit union (as all mutual societies) must ensure that enough money is set aside to ensure financial stability, all other profits are used to provide the lowest interest rates for members’ loans whilst returning an attractive rate of interest for its savers. All money borrowed from or saved with a credit union must be in the name of a member and as such, no money can be borrowed in the name of your business.