Credit Unions (Financial Economics)

Credit unions are small and local non-profit lending institutions.

They are owned by their members and typically serving those customers who are unable to access standard retail bank products through the banks or building societies

Credit unions have grown quite rapidly in the UK although the vast majority are very small and the size of the credit union sector is tiny compared to the USA

In 2015 there were 529 credit unions supervised by Prudential Regulatory Authority in the United Kingdom

Examples of credit unions include:

• London Mutual
• Bristol Credit Union
• Glasgow Credit Union