Credit unions have actually already been identified by the federal government being an answer that is potential the situation of millions making use of costly pay day loan businesses once they need use of money quickly. But just what are credit unions? Will they be safe places to place your cash? And tend to be they a prospect that is good you’ll need a loan?
Credit unions are economic co-operatives which are owned and managed because of the individuals who utilize them (in contrast to payday lenders such as for example Wonga, money Lady and QuickQuid, that are personal businesses owned by investors). They have been typically little, non-profit-making organisations put up by people with a common relationship вЂ“ those who reside or work with a specific area for instance, or those that work with a particular boss, or fit in with a particular organization such as for example a church or trade union. Continue reading