| A Credit Union is a
co-operative financial organisation. It is owned and operated by it's
members on a non profit making basis according to democratic principals.
The benefits of membership include loan and repayment terms to suit the needs of the individual members. Loans are available to members at an interest rate of not more than 1% per month on a balance outstanding, that is an annual percentage rate of 12.68%. |
This
gives a group of people the opportunity to save money together and to lend
to each other at a fair and reasonable rate of interest.