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What I Can Teach You About Businesses


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 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.

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.

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.

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. 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 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.

You also have to keep in mind that as a member, the money that will be borrowed is entitled to you or else, no amount of money can be borrowed for your business.


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