What IS a credit Union? How do i find one in my area to join and WHY would i want to?

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Can someone please tell me, in stupid terms if you will, WHAT is a credit union?

I am trying to get a personal unsecured loan for $10,000 to consolidate debt and my bank denied me (i have a credit score os 675). Everyone says "Go to your credit union!" And i have no idea what theyre talking about. Can someone please explain what IS a credit union, WHY would i want to join one, HOW does it differ from a bank and HOW do i find one in my area? Also, are there credit unions to avoid? Thanks

What IS a credit Union? How do i find one in my area to join and WHY would i want to?

The other two answers gave great descriptions to help you understand "What is a credit union." The main difference between banks and credit unions that you'll encounter is the "field of membership" (FOM) which defines who is eligible to join a credit union. Some FOMs use geographic boundaries, like "people who live or work in ABC Town." Other FOMs are company-based, like " MNO Company employees, retirees and their immediate family members." There are also association-based FOMs, such as "healthcare workers" or "members of XYZ organization."

To find one you can join, use the website below. It's the most comprehensive and user friendly.

http://www.creditunion.coop/cu_locator/i...

Hope this helps! Good luck!

What IS a credit Union? How do i find one in my area to join and WHY would i want to?

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What IS a credit Union? How do i find one in my area to join and WHY would i want to?

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