It is indeed true that credit unions function on a philosophical standpoint of "people helping people." In as much as credit unions expect interest rates with some returns, their terms, and conditions of repayment are quite friendly as compared to other institutions such as banks. Bigger financial institutions, such as banks, may seem cold and formal, especially in the context of giving clients attention. However, credit unions are very accessible and readily available at the customers' convenience. Besides, credit unions are even connected to the neighborhood, and this means that their response to clients' inquiries is very prompt. The "people helping people" slogan, as advocated for by credit unions is reflected based on how they perceive the initiative of rescuing people from financial burden. Clients have nothing to lose based on the fact that their only obligation is for the client to live in the area in a bid to acquire the membership.
It is quite imperative to note that credit unions offer them services just like other bigger financial institutions. Fundamentally, credit unions are task to offer services to the community with utmost integrity and honesty. Consequently, credit unions embrace a democratic culture all their financial operations. It is in order to affirm that a credit union is a member-owned and a member-managed institution. Hence, any decision that requires a revisit does not require approval from any management or authority but the members themselves. Ideally, credit unions are perceived to be a better option for people on the basis that they offer better rates. The rate of returns in a member's savings account is usually higher than the interest rate a member is expected to repay. Ultimately, the philosophy of “people helping people” sensitized by credit unions remains undisputed.
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