Credit unions are financial co-operatives that are owned and controlled by their members. They offer loans to members at very low rates of interest and can also provide help and support with managing your financial affairs.
Once you have established a record of being a reliable saver you can apply to borrow money from a credit union. You will only be allowed to borrow what you can afford to pay back.
Each credit union has a "common bond" which determines who can join it. Examples of a common bond may be people living or working in the same area, or people who belong to the same association, such as a church or trade union.
All credit unions offer loans and savings accounts. Some also offer low cost insurance.