crun:credit_unions

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crun:credit_unions [2025/12/06 17:07] – Dave Darbycrun:credit_unions [2026/04/20 19:42] (current) – external edit 127.0.0.1
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-# Credit unions+This topic is part of [[gt:economy|Economy & finance]]. 
 +====== Credit unions ======
  
  
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-## What are credit unions?+===== What are credit unions? =====
  
 Credit unions are co-operative financial institutions with local members (or members in the same trade). They provide savings accounts and low-interest loans, and members get dividends instead of interest. One of their prime purposes is to promote thrift and frugality, and members are generally encouraged to save rather than borrow. They are for everyone – including people on low incomes. Credit unions are co-operative financial institutions with local members (or members in the same trade). They provide savings accounts and low-interest loans, and members get dividends instead of interest. One of their prime purposes is to promote thrift and frugality, and members are generally encouraged to save rather than borrow. They are for everyone – including people on low incomes.
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 ![credit-unions1](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions1.jpg) ![credit-unions1](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions1.jpg)
 <caption> <caption>
- You can join your local credit union by popping into their office and filling in a form, or often, via their website.+ _You can join your local credit union by popping into their office and filling in a form, or often, via their website._
 </caption> </caption>
 </figure> </figure>
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 ![credit-unions-postcard](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions-postcard.jpg) ![credit-unions-postcard](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions-postcard.jpg)
 <caption> <caption>
- Postcard produced by a credit union to highlight the problems caused by the greed and corruption inherent in the banking sector.+ _Postcard produced by a credit union to highlight the problems caused by the greed and corruption inherent in the banking sector._
 </caption> </caption>
 </figure> </figure>
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-## What are the benefits of credit unions?+===== What are the benefits of credit unions? =====
  
 Their benefits are best appreciated by comparing credit unions to banks. Their benefits are best appreciated by comparing credit unions to banks.
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 ![credit-unions-plymouth](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions-plymouth.jpg) ![credit-unions-plymouth](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions-plymouth.jpg)
 <caption> <caption>
- A typical credit union will have a small friendly office like this one in Plymouth.+ _A typical credit union will have a small friendly office like this one in Plymouth._
 </caption> </caption>
 </figure> </figure>
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 - their loans are cheap (see below) - their loans are cheap (see below)
 - because they are embedded in local communities, members get involved with local events, small businesses, local charities etc. - because they are embedded in local communities, members get involved with local events, small businesses, local charities etc.
-- credit unions can be seen as part of a movement to transfer wealth and power from the rich and distribute it throughout society, which of course has implications for wider [democracy](/thde/the_democracy_problem)+- credit unions can be seen as part of a movement to transfer wealth and power from the rich and distribute it throughout society, which of course has implications for wider [democracy](/demo/democracy)
  
 <WRAP center centeralign>  <WRAP center centeralign> 
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-## What can I do?+===== What can I do? =====
  
 You can join your local credit union, or start one if there isn't a local one. Think about moving your savings account from your bank, and approaching your credit union for a loan if you need one, rather than your bank. The law recently changed to allow credit unions to offer current accounts. Ideally, why not see if your credit union has a current account, and use that too, and close your conventional bank account altogether? You can join your local credit union, or start one if there isn't a local one. Think about moving your savings account from your bank, and approaching your credit union for a loan if you need one, rather than your bank. The law recently changed to allow credit unions to offer current accounts. Ideally, why not see if your credit union has a current account, and use that too, and close your conventional bank account altogether?
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 ![credit-unions-london](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions-london.jpg) ![credit-unions-london](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions-london.jpg)
 <caption> <caption>
- London Capital Credit Union in north London is staffed largely by local volunteer members.+ _London Capital Credit Union in north London is staffed largely by local volunteer members._
 </caption> </caption>
 </figure> </figure>
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 ![credit-unions-st-anthonys](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions-st-anthonys.jpg) ![credit-unions-st-anthonys](https://lowimpactorg.onyx-sites.io/wp-content/uploads/credit-unions-st-anthonys.jpg)
 <caption> <caption>
- Credit union in Galway, Ireland. Credit union membership is close to 100% in Ireland, and many people are members of more than one.+ _Credit union in Galway, Ireland. Credit union membership is close to 100% in Ireland, and many people are members of more than one._
 </caption> </caption>
 </figure> </figure>
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-## Further resources+===== Forum ===== 
 + 
 +This topic belongs to the section [[gt:economy|Economy & finance]]. You can ask questions or add information on the corresponding [Forum section](https://forum.growingthecommons.org/t/economy). 
 + 
 +===== Further resources =====
  
 - [Association of British Credit Unions (ABCUL)](https://www.abcul.coop/) - [Association of British Credit Unions (ABCUL)](https://www.abcul.coop/)
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-## Specialists+ 
 +===== Related topics ===== 
 + 
 +- [Building societies](bsoc:building_societies) 
 +- [Local currencies](lcur:local_currencies) 
 +- [Small is beautiful](smal:small) 
 +- [Community](comy:community) 
 +- [Co-operatives](coop:co-operatives) 
 +- [Cryptocurrencies](cryp:cryptocurrencies) 
 +- [Collaborative finance](cofi:collaborative_finance) 
 +- [ROSCAs - rotating savings & credit associations](rosc:roscas) 
 +- [Commons economy](coec:commons_economy) 
 + 
 + 
 +===== Specialist curators of this topic =====
  
  
  • crun/credit_unions.1765040879.txt.gz
  • Last modified: 2025/12/06 17:07
  • by Dave Darby