subject: Credit Union Cheap Interest Loans [print this page] What exactly is a credit union? This is one question that not many individuals are able to answer. A credit union can simply be defined as a non profit cooperative that is run by various local communities, or even large-scale companies in some cases.
Most credit unions function in the same manner as a bank in that they offer the community with loans plus they act as a saving facility. In short, a credit union is a financial based non profit organization aimed at helping the community further their financial ability. There is a board of members that normally takes up the managerial role.
There are several credit unions available in the world today. However, the UK is know to have one of the most convenient credit unions from anywhere in the world. The main reason behind this is the fact that they offer loans at very cheap interest loans. As earlier stated, credit unions offer individuals loans. And just like the banks, they also require some interest on the loans. However, in the case of UK credit unions, the interest loans are usually relatively lower as compared to most of the other worldwide credit facilities. Their interest rates normally go lower than the standard loan interest rate in most credit unions; 12.6% per annum.
Apart from acquiring loans at cheap rates, there are other benefits that one can derive from UK credit unions. One of them is the insurance. Just like most credit unions, UK credit unions offer insurance without any direct costs. In addition to that, they also provide convenient and very effective means of saving. One can be depositing a certain amount of money weekly, bi-weekly or even monthly depending on how much he or she plans on saving. Your money will be 100% safe in the UK credit unions.
In order to become eligible for a loan with a credit union in your area you must first join as a member, then you will have to save so much money for a couple of months to find your local credit union or for more details you can visit http://www.findyourcreditunion.co.uk.
