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Get The Most Benefits In A Credit Union 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. But there may be an alternative in the form of the little known credit union movement. A credit union is a profit sharing, financial co-operative run democratically by the members 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. 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 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 common bond is usually the secret to becoming a member of the credit union. 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, 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. 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.