What is a "credit union" "Credit
Union - is a non-profit organization founded by individuals on a
cooperative basis to meet the needs of its members in a mutual credit
and financial services by combining the cash deposits of the credit
union. A
credit union is a financial institution, activity of which is to
provide financial services exclusively provided by the Law of Ukraine
"On credit unions.". In other words, the credit union - an organization established to help its members through their mutual credit. Principles
of credit unions are simple: some members of the organization to
protect their money from inflation, place them on deposit accounts,
others - use these tools on a credit basis. Activities of credit unions is not about making a profit, and to improve the welfare of their members. It can be said that some members of the organization to lend others. Activities
of credit unions based on core principles, such as: openness,
government, members of equality, freedom of entry and exit from the
membership. Credit unions operate on the basis of voluntary membership: accession to the organization and out of it. Credit union members often share common interests, place of work, place of residence or other characteristics. The field of membership distinguishes credit unions from other entrepreneurs. Credit union in nature is not only effective mechanism vzaimokreditovaniya its members, but also non-governmental organization. So
it can provide organizational and financial support for the
implementation of a variety of community initiatives and humanitarian
programs for its members, as well as to charitable and social projects
for children, the disabled and other least socially protected groups. The credit union is created and acts primarily to allow members to get credit on reasonable terms. It
is an organization that allows for favorable conditions to take credit
for training, rehabilitation, acquisition or construction of housing,
purchase of household appliances, clothing, etc. Interest
earned on loans Union, constitute his income, which is then directed to
the formation of funds and the interest on the contributions of
members. Financial products are created by credit union members. Employees Credit Union are developing deposit and loan programs, and members of the "weed out" the least popular of them. Thus, credit unions provide financial services only program, the most popular members. Activities
of credit unions are regulated by the Law of Ukraine "On credit unions"
and is subject to state authority - the State Commission for Regulation
of Financial Services Markets.
Credit Union
