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     A credit union is a nonprofit organization that attempts to solve people’s debt problems by making sure that the owners and users of credit unions are the same people. The union is a group or financial organization of individuals with a common affiliation such as union membership, work, or living arrangement. They are community based and offer a wide range of services for members. Each member is a shareholder and is able to deposit, pay interest, and get consumer installment credit. Every member is able to obtain loans from the union’s combined savings.

     Each credit union in the country is supported by a system of provincial credit union “centrals,” a nation central credit union and affiliate financial cooperatives. In order to borrow from a credit union you must be creditworthy. In other words, you must have good credit, and have a good history of paying off debts correctly. The character of a borrower is also often one of the most important factors in deciding whether or not to make a loan.  Credit unions are a great alternative because they charge lower interest rates than banks and payday loaners. Since they are a non-profit organization, they have no need to make money by charging high interest on loans.

Check out http://www.ncua.gov/ to find more information about credit unions in the United States.