The financial crisis at this particular the most vulnerable communities is economic hardship the family and with almost insurmountable obstacles in getting loans from banks. Facing financial difficulties of poor families and prevent them from falling into the clutches of an opportunist predators is a primary goal.
Credit union is an instrument of community development and public defense, which aims to promote savings, the creation of public funds to obtain low-interest loans to its members and financial advice to them.
Credit union is an instrument to meet the credit needs of families and communities, which by the bankruptcy, which usually do not have access to bank credit. It provides an opportunity to get out of trouble once in a while and prevent the most simple to the hands of loan sharks lenders, who prey on desperate situation and they sink into a vicious cycle (of poverty-need-debt-loan-plus-interest debt need more-more loans .. .), more poverty that leads to destruction and despair.
Three main functions of the credit union are:
- Encourage members to save regularly
- Providing loans to members with very low interest
- Advise and assist its members to handle their financial affairs
In addition to credit services, financial advice is very important in a society with low education and multicultural background, language problems. To facilitate understanding of invoices received advice how and where to meet the payments, as well as consumer rights, is a great help for many people.