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:
© 2022 Tutor2u Limited. Company Reg no: 04489574. VAT reg no 816865400.