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 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 organisation has three main aims:
To encourage its members to save regularly
To provide loans and financial assistance to its members at the lowest rates of interest possible
To offer its members help and support, if required, in the management of their financial affairs
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. Not that this is quite as straightforward as you might imagine
The...
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