Credit unions offer a range of savings accounts and loans. These financial products are customized to individual saving abilities and lending needs.
Since credit Unions are non-profit organizations they aim to provide a solution that puts their members first. In fact, credit unions are owned by their respective members and directed by a board of elected volunteers from the union. Members have a say in how the organization is run and which products are developed by the credit union.
Credit Unions advocate responsible lending and some of which can provide banking services in the form of current accounts, Saving accounts, Loans, Money advice and financial education and also insurance products in some cases.
Usually credit unions work by offering their products to people who have a common bond such as geographic location, or work place. Credit unions have been growing steadily over the last decade and are in a good position to grow even further following a thrust of investments from government bodies wishing to boost their presence and provide an alternative to more expensive forms of borrowing such as more expensive payday loans and personal loans.
You can read more about credit unions on the Assoication of British Credit Unions
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