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Perks Of Being A Credit Union Member 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 a profit sharing, financial co-operative run democratically by the members of the union itself. 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. 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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To provide loans and financial assistance to its members at the lowest rates of interest possible. 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. 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 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 credit union can surely provide low cost financial services to its members with the use of the sum of all members’ savings. 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.