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WHAT IS A CREDIT UNION
What Is A Credit Union?
Who can join a credit union and how?
Is it democratic? Can it be bought out or taken over? Is it ‘Regulated’ in any way?
Can the people running it be trusted with the money of others?
Is there an investment return on my savings?

How does a Credit Union trade?

How are loans applied for and how much can be borrowed?
How much can be borrowed?
Are those with previous poor credit records able apply for a loan?
Complaints - how are these dealt with?
What makes credit unions work the 5 Ps
Whats in it for the owner-members?
 

What makes credit unions work – the 5 “P”s

  • People – to start it
  • People – to join as owner-members
  • People – to help run it in a variety of unpaid voluntary roles
  • People – to manage it on a day to day basis “24/7 – 365”
  • People – to take the ultimate legal and custodial responsibility for it

What’s in it for the owner-members?

Secure low risk savings; a source of loans with clear and fair conditions and regulated repayment terms; being part of a community enterprise where every owner-member is an equal owner of it!

 

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