What is a Credit Union?
A credit union is a nonprofit, cooperative financial institution owned and run democratically by a group of people, known as its members. Members pool their savings within a safe service-oriented environment and make loans to each other at reasonable rates of interest.
Credit union uses members’ deposits to fund loans to other members. Those members who borrow from the credit union pay interest on the loan. The credit union pays interest to those members who deposit funds into the credit union as an incentive for members to save even more
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