Credit Union Loans

Credit union loans are provided by Credit Unions which are cooperative not for profit organisations run by communities or companies. They offer both borrowing and saving facilities for their members and in that respect are similar to a bank. Credit unions are run by their members and the way that they basically work is to utilise money from some those members who want to save, and then loan that money to other members who want to borrow. Credit Union loans and savings usually attract a fixed interest rate set by their members, and these are people who gain no financial profit for what they do. Loans provided by credit unions are also a lot more flexible to those who do not want to take long term and high value loans but would maybe prefer 12 month loans. However they can also offer mortgage loans and loan consolidations, and for those people who may have had bad credit loans in the past, credit unions are a viable alternative to a standard bank loan.

Credit union approved loans are a safe alternative as they can only lend out the amount of money that they take in from savers . No casino banking here!