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Perks Of Being A Credit Union Member 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 known to be a profit sharing and a financial co – operative run democratically by the member of the union itself. 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 goal of a credit union is to help its members 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. 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 secret to becoming a union member is to have a ‘common bond’. The common bond determines whether or not you will be accepted as a member of a credit union and this could be that you reside in a specified area, work for a particular employer or within a particular trade, or that you are a member of a certain club or association. Because of this, credit unions welcome everybody from within the common bond regardless of income, employment status or age and also – and perhaps more crucially, regardless of your credit rating or if you are unable to save a regular amount. This means that you can still become a credit union member and save money regardless of your status symbols. 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.